Abbey Continues San Diego Push

SAN DIEGO-A Garden Grove-based real estate firm has completed the latest of fourSan Diego County purchases and plans to close between $20 million and $30 million more here overthe next six months.

The Abbey Co. bought the 83,980-sf Fletcher Parkway medical officebuilding at 8881 Fletcher Parkway in the suburb of La Mesa. The $11.3-million purchase adds some diversity to the rehabspecialist’s portfolio, says Robert B. Albrecht, director ofacquisitions for Abbey. The other three San Diego County properties bought by Abbey areshopping centers, including the La Mesa Village Station, he adds.

“We¹re making a big push in San Diego,” Albrecht tells GlobeSt.com, addingthat he is moving his office south from Orange County to be closer to themarket. “The timing is right for us to expand down there.”

Abbey Co. represented itself in the deal on the medical complex,which is 85% occupied. Albrecht says he is looking for more tenants andcould opt to expand its new acquisition because of its proximity toGrossmont Hospital.

The San Diego office of Trammell Crow Co. representedthe seller, Dallas-based Archon Group.

The firm specializes in buying and upgrading well-located class B and Cproperties. In addition to the La Mesa properties, Abbey also owns andoperates the Rancho Carmel Commerce Center in San Diego and the EscondidoCommerce Center in Escondido. The company’s portfolio now totals 3.1 millionsf.