Wednesday, December 12, 2012

HFF and CBRE jointly announce sale of Lightwave Corporate Center in San Diego, CA


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. 

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.

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).  

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 |

.
.

No comments:

Post a Comment