Falcon Buys 97,000-SF Office Project for $42M

SAN DIEGO-Falcon Real Estate Investment Co. has acquired the 96,581-sf University Pacific Centre office building for $42 million on behalf of an overseas-based 1031 exchange buyer. The seller of the property, which is a four-story class A building at 8899 University Center Lane in the University Towne Center submarket, was Alecta Real Estate USA LLC of San Francisco.

Falcon, based in New York City, is an advisory and management services firm representing non-US individual and institutional investors in US real estate. Falcon, which maintains a regional office in San Diego and will be the asset manager of the property, purchased the University Pacific Centre on behalf of GEM University Pacific LLC.

Falcon executive vice president Scott Sweeney, who is based in San Diego, cites the University Pacific Centre’s “premier location within the prestigious UTC office submarket, with frontage on Interstate 5.” He notes that the office building provides freeway-visible building signage and the most generous parking ratio in the UTC submarket, four spaces per 1,000 sf of office area.