Trade Street Plaza Associates Delaware LLC, an investment venture between Laguna Niguel-based Birtcher Properties and an affiliate of New York-based Praedium Group LP, bought the three-story structure from HG Fenton Co. for $10.1 million.
Randy LaChance and Chris Loughridge of Voit Commercial Brokerage in San Diego represented the buyer and seller in the transaction for the property on 4.38 acres at Camino Santa Fe and Trade Street. BirtcherProperty Services has been retained to provide asset management, property management and leasing oversight for the project.
"This purchase is an exciting addition to our portfolio of suburban office and multi-tenant industrial product in high demand areas of California," says Bob Anderson, president and co-chairman of BirtcherReal Estate Group. He adds that Trade Street is the fifth office project the company has acquired in San Diego during the past two years.
Camino Santa Fe will eventually be extended to connect the Miramar and Sorrento Mesa markets, adding to the acquisition's strategic value, Anderson adds.
The 15-year-old building was used by HG Fenton as its corporate headquarters until last year, when it moved to its newest development at Mission Valley. The property is 98% leased and includes such majortenants as Time Warner, Transwestern Publishing, IVID Communications and the San Diego Safety Council.
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