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| Lightwave Corporate Center, San Diego, CA |
SAN DIEGO, CA – HFF and CBRE jointly announced the sale of Lightwave
Corporate Center, a 166,892-square-foot data center and office property in
San Diego, California. HFF and CBRE
jointly marketed the property on behalf of the seller, LBA Realty.
Lightwave Corporate Center is located at 9305 Lightwave
Avenue in San Diego’s Kearny Mesa area, northeast of downtown and close to
Montgomery Field.
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| Nick Psyllos |
The property was
remodeled in 2007 and is fully leased to tenants including American Internet
Services, which occupies data center space on the entire ground floor of the building,
and San Diego Gas & Electric Company, which occupies the entire second
floor.
“This asset benefited from improving fundamentals in San
Diego and traded at a significant discount to replacement cost, given the
extraordinarily high cost of data center construction,” said Nick Psyllos,
a senior managing director for HFF.
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| Ryan Gallagher |
“The high quality nature of this asset resulted in
significant investor interest across a large range of potential buyers,
including both data center specific funds and more traditional buyer groups,”
added Kevin Shannon, a vice chairman with CBRE.
The HFF investment sales team was led by senior managing
director Nick Psyllos with assistance from senior managing director Ryan
Gallagher.
CBRE’s investment
sales team included Mr. Shannon, Scott Schumacher and Ken White, as
well as local market experts Brad Black and Rob Merkin.
 |
| Kevin Shannon |
LBA Realty is a full-service real estate investment and
management company with a diverse portfolio of office and industrial properties
in major markets throughout the western United
States including California, Colorado, Washington, Oregon,
Arizona, Nevada, Texas and Utah.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500
company headquartered in Los Angeles, is the world’s largest commercial real
estate services firm (in terms of 2011 revenue).
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| Scott Schumacher |
The Company has approximately 34,000 employees (excluding
affiliates), and serves real estate owners, investors and occupiers through
more than 300 offices (excluding affiliates) worldwide.
CBRE offers strategic
advice and execution for property sales and leasing; corporate services;
property, facilities and project management; mortgage banking; appraisal and
valuation; development services; investment management; and research and
consulting. Please visit the company’s web site at www.cbre.com.
Contact:
Kristen M. Murphy
Associate Director
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3500 | cel 617.543.4873 | fax 713.527.8725 |
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