Hamann Family Partnership No. 7 L.P purchased the site for $1.85 million from Olympia Group LLC and plans to build a two-story, 52,000-sf-spec office building on the site. With the Kearny Mesa and Governor Park office markets being extremely tight and available land at a shortage, Hamann plans to begin construction in mid-2001.
Dick Balestri of CB Richard Ellis' San Diego Central office represented the seller in the transaction. Ross Grano of Hamann Properties represented the buyer.
Developers are increasingly looking at centrally located infill properties as a place for projects to meet the sharp appetite for new office space in the county. The Kearny Mesa area will get its first Class A office space in the more than a decade if plans come to fruition for office development on a 40-acre parcel in the San Diego Spectrum project.
Sunroad Enterprises is buying the land to develop a one-million-sf, mixed-use project on the site, which previously was a General Dynamics Corp. missile plant. Sunroad plans 900,000 sf of Class A, campus-style office space. The project also calls for about 100,000 sf of retail space.
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