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| Scripps Ranch Area office building, San Diego |
San
Diego, CA (Oct. 29 ,2012) – Brandon Keith of Voit Real Estate Services’ San Diego office has
successfully directed the $10.4 million acquisition of a 60,870 square-foot office
building in the Scripps Ranch area of San Diego on behalf of the buyer.
Keith,
a Senior Vice President in Voit’s San Diego office, represented Double Black
Diamond Properties, LLC, as the buyer in the transaction.
“Our
client was seeking a high quality property for long term investment,” explained
Keith. “We were able to meet these
needs by identifying this Class A facility with
existing income from 50 percent of the building, and then securing a new, long-term
lease with a financial services company for the balance of the building.”
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| Brandon Keith |
The
office property’s second floor is currently leased to Paychex, Inc., a publicly
traded company specializing in payroll, human resources, and benefits
outsourcing. Paychex occupies approximately
30,435 square feet of space in the building on a seven year lease, according to
Keith.
“Competition
for quality product in the San Diego office market continues to increase, and
this is especially true in desirable areas such as Scripps Ranch,” noted
Keith. “As competition increases, real
estate values will begin to climb. With that in mind, buyers should seek real
estate partners who know the local market well, and can help them to select the
best deals in the area.”
The
seller, PV Meanley Drive, LLC, a real estate investment company, was
represented by Jed Stirnkorb and Matt Pourcho of CB Richard Ellis.
The
property is located at 10150 Meanley Drive in San Diego, Calif.
For a complete copy of the company’s news release, please contact:
Judith Brower/ Jenn Quader
(949) 955-7940
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