The company has sold three business parks to The Muller Co., in partnership with Rockwood Capital. The assets consist of Sorrento Tech I, II and III in Sorrento Mesa; Pacific Point, which is also located in Sorrento Mesa; and Miramar's Centerpark Plaza I and II. The Miramar property is the largest of the three assets, as it encompasses 200,398 sf that are spread between nine buildings. Pacific Point is comprised of three buildings that encompass a total of 140,921 sf, while the Sorrento Tech complex consists of three buildings that span a total of 93,460 sf.
The properties were acquired by EOP as part of the flex/R&D industrial portfolio that it inherited in the $7.3-billion merger with Menlo Park, CA-based Spieker Properties in July 2001. The three assets have been sold in a move to concentrate EOP's capital on core assets in key submarkets, according to company officials. EOP currently owns a portfolio of 744 buildings comprising 126.8 million sf in 21 states and the District of Columbia.
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