Property •
- A high quality, divisible, institutional asset, containing 126,720 sf on 7.8 acres of land
Strategy
- 100% leased property was the corporate headquarters of a NYSE listed company
- Long term lease with substantial tenant improvements investment by the tenant
- Infill location in an improving sub-market of San Diego
- Ability to enhance yields with leverage
Rationale
- Suitable for either single or multi-tenant use
- Located in the master planned Parkway Business Park, neighbored by major Fortune 1000 companies such as GEICO Direct, First American/CREDCO and Mitchell/Snap On
- Foresaw that completion of the new 56 Freeway linking I-5 on the coast and I-15, the inland corridor would substantially enhance desirability of this sub-market
- Strong and increasing cash flows provided downside protection and increasing cash flow