Monday, October 29, 2012

Voit Real Estate Services Completes $10.4 Million Office Acquisition in San Diego, CA


  
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.”

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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