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Maguire To Sell $300M in Office Properties

SAN DIEGO-The Los Angeles-based REIT will sell Pacific Center in Mission Valley and Wateridge Plaza in Sorrento Mesa to an undisclosed buyer.

By Daniel D. Williams | Updated on April 10, 2007

SAN DIEGO-There’s no moss growing on Maguire Properties. The Los Angeles-based REIT has been extremely active so far this year. Its latest deal is the sale of two North San Diego County properties for $298 million.

Maguire officials were unavailable for comment at press time, but the properties are Pacific Center, a 438,960-sf office site in Mission Valley and Wateridge Plaza, 268,957 of trophy office space in Sorrento Mesa. The buyer of the properties was not disclosed. The sale is expected to close during the second quarter 2007.

Maguire announced last month that the two San Diego area sites would be among 11 of its office projects totaling 17 properties in Southern California that would go on the block. The buildings became part of a $2-billion disposition strategy for the REIT to reduce debt after its $3-billion purchase of 8.1 million sf of former Equity Office Properties portfolio space from Blackstone.

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