Local Investor Purchases Office Building for $13.5 Mil

SAN DIEGO-In a $13.5 million deal, a local investment company has purchased the 81,881-sf office and R&D building on Carroll Canyon Roadin the Scripps Ranch Business Park.

Hibiscus Investments Inc. used the proceeds from a sale earlier this month of its $13.7 million office project in San Jose to buy the new Nexus Scripps Ranch building at 9970 Carroll Canyon Rd. from developer Nexus Properties.

Brian Driscoll and Eric Northbrook of San Diego-based Colliers International represented the seller. Towne Centre Resources representedthe buyer.

Nexus Scripps Ranch was designed by Pacific Cornerstone Architects. R.G. Petty was the general contractor. The construction lender was City National Bank.

Colliers International represented Hibiscus Investments in the earlier sale of the 80,000-sfproject on 6.1 acres located at 2400 Ringwood Ave. in San Jose. Nexus Propertiesdeveloped the project in 1996 as a build-to-suit for Olympus America. Colliers also represented RREEF, the buyer.

Scripps Ranch-based software company Mitchell International recently consolidated several offices and occupied the new Nexus Scripps Ranchbuilding, signing a 129-month lease valued at $12 million. Colliers International represented the owner, while Steve Rosetta of the San Diegooffice of Cushman & Wakefield dealt for the lessee.