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holiday investment property for sale overseas
News and Information Article
SAN DIEGO, Dec. 22 // -- With the sale of Centerpark Plaza and
Sorrento Tech Business Park, The Shidler Group has closed its investment in
the San Diego R&D portfolio, which it purchased in August 2004 for
$61,900,000. The 15-building portfolio consists of 438,142 square feet of
office and R&D space and is located within three business parks -- Pacific
Point, Centerpark Plaza and Sorrento Tech Business Park. The portfolio was
sold in four separate transactions for a total sales price of $91,750,000.
RREEF, a full-service real estate investment advisor, has purchased
Centerpark Plaza, which encompasses 204,139 square feet of office and R&D
space, for $41,750,000. Centerpark Plaza is a business park with two
groupings of buildings that include eight single-story R&D buildings and one
two-story, campus-style office building.
Matt Root, a Partner in The Shidler Group, said, "RREEF manages a
portfolio of more than 20 million square feet of office and R&D buildings
across the United States and has been an active acquirer of commercial
properties in the San Diego market this year. Centerpark Plaza is the type of
high-quality R&D and office park in a premier suburban location that ideally
fits their acquisition criteria and we are pleased to be working with a buyer
of their stature."
Sorrento Tech Business Park, a modern business park comprised of three
single-story R&D buidings that total 93,460 square feet, was sold in two
separate transactions. In April 2005, The Shidler Group sold the 30,097
square foot building located at 10070 Barnes Canyon Road for $6,450,000 to
Bixbykibbee, LLC. In December 2005, The Shidler Group, through its private
REIT, Pacific Office Properties Trust, acquired 10180 Barnes Canyon Road, a
37,886 square foot building, and 10140 Barnes Canyon Road, a 25,477 square
foot building, for $14,785,000.
Qualcomm, Inc. purchased Pacific Point Business Park in September 2005 for
$30,700,000.
The Shidler Group was represented by Eric Northbrook and Lars Platt of
Cushman & Wakefield in the Pacific Point Business Park transaction. Bill
Fleck and Scott Ginsburg of The Staubach Company represented Qualcomm.
In connection with the Centerpark Plaza sale, The Shidler Group was
represented by Jay Borzi, Stephen Silk, Adam Edwards and Daniel Broderick of
Secured Capital Corp. and Eric Northbrook of Cushman & Wakefield/CREA. RREEF
represented themselves.
The Shidler Group was represented by Bob Prendergast and Lynn LaChapelle
of Burnham Real Estate in April 2005 and Brian Driscoll of Colliers
International in December 2005 for the two Sorrento Tech Business Park sales.
The Shidler Group is a national real estate organization that actively
acquires commercial real estate for its own account. It currently owns and
operates over 8 million square feet of commercial property throughout Texas,
Arizona, Hawaii and Southern California. Since its founding in 1972, The
Shidler Group and its affiliates have facilitated the acquisition of over 145
million square feet of commercial property.
FOR INFORMATION: Matt Root (858) 678-8500, Ext. 239 or
Dan Peoples (858) 552-1456
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