The property, which has additional entitlements for 86,000 square feet of office development that includes a structured parking garage, is just north of Mira Mesa Boulevard and is home to numerous telecommunications, medical/biotech and defense contracting companies. CBRE Realty Trust describes the Sorrento Mesa submarket as "a primary office and R&D location that has high barriers to entry for further development."

Jack A. Cuneo, CEO and president of CB Richard Ellis Realty Trust, notes that Time Warner Cable has been a long-term tenant in the market and serves over 400,000 households from the building. The cable company relocated to the property in 2006, consolidating its operations into the building from three separate facilities. The building is a critical use facility that houses management, corporate operations personnel and service technicians.

The CBREs Realty Trust team worked with acquisition director Scott Morse and the acquisitions team from CBRE Investors to acquire the property, which is the trust's second acquisition in the San Diego area. CBRE REalty Trust is an indirect wholly owned subsidiary of CB Richard Ellis Group.

Terms of the transaction and the seller were not disclosed, but real estate industry sources indicate that the seller was Irvine, CA-based LBA Realty. The seller was represented by Nick Psyllos of the San Diego office of CB Richard Ellis.

LBA bought the 10450 Pacific Center Court building in 2005 for $17.8 million, according to a GlobeSt.com report at the time. The report said that LBA signed Time Warner to the long-term lease shortly after closing escrow on the 2005 deal.