HFF Closes $22M-Plus Sale of Copley Business Center

SAN DIEGO—HFF has closed the sale of Copley Business Center, a 102,000-square-foot office campus in San Diego.

HFF represented both the seller, a private tenant-in-common entity sponsored by Thompson National Properties (“TNP”), and the buyer, Highbrook Investment Management, LP (“HighBrook”). HighBrook purchased the property in an off-market transaction for $22.5 million, which included the assumption of an existing CMBS loan.

Copley Business Center is a high-image corporate headquarters/office campus consisting of three buildings that were completed in 1997. The property is centrally located in the northwest portion of Kearny Mesa. The property was 87 percent leased at the time of acquisition and serves as the corporate headquarters of Reva Medical, Inc. Other major tenants include XO Communications, which uses the property to house one of its highly-improved data center colocation facilities.

HFF's investment sales team representing the parties was led by associate director CJ Osbrink and senior managing director Nick Psyllos.

HighBrook Investment Management, LP is a New York-based institutional investment firm that seeks superior risk-adjusted returns through direct real estate investing. HighBrook currently owns a national portfolio of office properties and is actively seeking value-oriented investment opportunities across all sectors and geographies. HighBrook manages a $235 million commingled fund known as, HighBrook Income Property Fund, LP, which invests on behalf of various institutional investors including, but not limited to, university endowments, foundations and family offices.

TNP is a real estate advisory company, specializing in the creation and management of real estate investment funds.  TNP uses a variety of investment structures to fit the needs of its investors, which are designed for retail and high net-worth individual investors.TNP is also involved heavily in third-party property and asset management and receivership services, a key element in any successful commercial real estate investment in today's lender-driven marketplace.  Headquartered in Irvine, California, TNP was founded in April 2008 and has six regional offices. 

HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF).  HFF operates out of 21 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry.