It was sold by Dallas-based Transcontinental Realty Investors to M.V. Phoenix Associates LLC of Phoenix, which is managed by Tod Thorpe. U.S. Bancorp provided a loan of $4.5 million.
The property is 92.6% leased. Forty percent of the building is occupied by the state of California. Other major tenants include C. Palmieri Enterprises and Walden Family Services.
The Arizona-based buyer and Texas-based seller have both been active in San Diego recently: entities of this buyer acquired the 71,545-sf Financial Plaza at 11770 Bernardo Plaza Court in Rancho Bernardo from Mass Mutual for $10.8 million in December 2000, then it acquired the 57,493 sf Chesapeake Plaza at 9555 Chesapeake Drive in Kearny Mesa from this same seller, Transcontinental, for $6.57 million in July 2001. Entities of the seller sold the Chesapeake building described above, and in June 2001 it sold the 61,528-sf Daley Office Plaza at 4355 Ruffin Rd. to Touchstone Investments for $6.2 million.
Andrew Meyers of BRE Commercial /NAI represented the seller. Meyers and Richard Gonor, also of BRE, represented the buyer. Gonor has been hired by the buyer to handle leasing.
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