Gunter Zittel of the Zittel Family Trust has purchased the two-story facility, known as Mammoth Professional Building. Encompassing 37,853 sf, the garden office property stands at 169 Saxony Rd. It is a multi-tenant building that is currently 90% leased.
John Hale of Colliers International acted on behalf of the buyer. The seller, Quail Professional Building LLC, was represented by Al Pekarcik and Randy La Chance of Voit Commercial.
It is the latest in a string of office deals that are causing some optimism in the San Diego market. Office rents here have dropped 4.7% in the past 12 months, according to recent CB Richard Ellis research, but things may begin to even out as vacancy levels and new construction are starting to decline. Office vacancy in San Diego County dipped slightly during the second quarter of 2002, from 12.3% to 12.2%, according to a Burnham Real Estate Services report. In addition, new office construction is winding down, with 1 million sf completed year-to-date.
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