BCL JV Acquires Leased-Up Office Asset
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SAN DIEGO-A joint venture between BCL Inc. and AEW Capital Management LLC has acquired a class-A office building in the Sorrento Mesa submarket of San Diego. One Pacific Heights, a 120,350-square-foot asset that is full leased, was sold to the partnership by RREEF America for what industry sources unrelated to the deal report is $34 million.
AEW acquired the property on behalf of one of its institutional clients. BCL, AEW and RREEF were all represented in the transaction by Rick Reeder and Brad Tecca of Cassidy Turley.
The five-story building, located at the intersection of Pacific Heights Blvd. and Mira Mesa Blvd., is within walking distance of a variety of retail service and entertainment amenities and offers quick access to the 805 and 5 freeways. The property features a reflective glass exterior with numerous energy-efficient features. The lobby was completely renovated in 2007, and all common areas have also been upgraded.
Steve Bollert, chief investment officer at BCL Inc., said in a prepared statement, “We are actively looking to acquire well-positioned office and industrial assets throughout Southern California and Arizona and manage them in the BCL tradition of adding value for our tenants and investors.”
Regarding the new ownership’s plans for One Pacific Heights, Bollert tells GlobeSt.com, “BCL will implement a minor facelift with renovations designed to increase the building’s identity and enhance the entrance. We will also initiate a renewed leasing effort and active management to improve this quality asset’s competitive position in the market.”
As GlobeSt.com reported in June, BCL, which re-entered downtown San Diego late last year with its acquisition of 450 B Tower in the heart of the financial district here, is doing extensive, class A-level interior renovations at the property. Renovations include extending the upgraded lobby finishes to upper-floor corridors and restrooms and creating a new, state-of-the-art conference facility. Work also includes updating standard tenant finishes and elevating the building operations to a class-A level of service.
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