SAN DIEGO-The Abbey Co. of Long Beach has acquired a 447,311-sf office and flex portfolio of metro area properties from Rreef for approximately $70 million, according to CB Richard Ellis. The portfolio spans 29 acres in the central San Diego area, including six multi-tenant business parks and office flex properties totaling 18 buildings.

The properties in the institutional grade portfolio, which is 92% leased, are occupied by 65 tenants in spaces ranging from 500 sf to 99,381 sf. The transaction was brokered by a CBRE team including vice chairman Darla Longo, EVP Barbara Emmons and SVP Nick Psyllos.

According to Abbey, the properties consist of 77% office and 23% warehouse space. The Long Beach-based company says that the acquisition represents the largest purchase transaction in its history.

The deal illustrates the continued strength of San Diego as an investment market, according to Longo, who says that it "continues to be one of the top investment markets in the country." Thanks to those same strong market conditions, she adds, "The seller recognized that the fundamentals of the market were strong and that it was a good time to sell."

The properties include the 99,381-sf Pacific Center at 10307-10309 Pacific Center Court, which is fully occupied by Leap Wireless, the largest tenant in the portfolio. The other properties include the 121,000-sf Trade Center at 7328-7340 Trade St. and the 64,293-sf Excelencia Business Park at 9672, 9682 and 9692 Via Excelencia.

The remaining three properties are the Kearny Mesa Corporate Center at 9303-23 Chesapeake Dr. and 9320-40 Hazard Way, the 47,648-sf Kearny Mesa Executive Park at 7827-7867 Conway Court and the 29,007-sf Torrey Center at 10373 Roselle St.