Thursday, April 4, 2013

HFF closes $22.5 million sale of Copley Business Center in San Diego, CA



Copley Business Center, San Diego, CA

IRVINE, CA – HFF announced it has closed the sale of Copley Business Center, a 102,000-square-foot office campus in San Diego, California.

HFF represented both the seller, a private tenant-in-common entity sponsored by Thompson National Properties (“TNP”), and the buyer, Highbrook Investment Management, LP (“HighBrook”).


Nick Psyllos
 HighBrook purchased the property in an off-market transaction for $22.5 million, which included the assumption of an existing CMBS loan.

Copley Business Center is a high-image corporate headquarters/office campus consisting of three buildings that were completed in 1997. 

HFF’s investment sales team representing the parties was led by associate director CJ Osbrink and senior managing director Nick Psyllos.

CJ Osbrink
The property is centrally located in the northwest portion of Kearny Mesa and provides convenient regional access via Interstates 5, 15 and 805 and Highways 162 and 52. 

The property was 87 percent leased at the time of acquisition and serves as the corporate headquarters of Reva Medical, Inc. 

Other major tenants include XO Communications, which uses the property to house one of its highly-improved data center colocation facilities.  During its due diligence period, HighBrook successfully secured a 12-year lease renewal with XO Communications, which further enhanced the stability of the property.      
  
For a complete copy of the company’s news release, please 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 | www.hfflp.com

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