SAN DIEGO-The Shidler Group has sold its 50% interest in the Palomar Heights Corporate Center to its development partner, Buie Communities, for $6.3 million.

Shidler and Buie jointly developed and built the center, which was completed in early 2000. The center 5857 Owens Ave. is a three-story building with a total of 64,641 sf of office space.

Ninteman Construction built the center and Burger Construction completed the tenant improvements. Major tenants in the Palomar Heights Corporate Center include Genesys Telecommunications, a wholly owned subsidiary of Alcatel, and Kinzan, Inc., a Web site development company. Both parties in the sale represented themselves.

“Selling our 50% interest in the center gives us the opportunity to redeploy our capital into other commercial properties,” said Matt Root, a partner with The Shidler Group. “Once our properties are fully improved and fully leased, we prefer to sell and begin a new development cycle in situations where we can increase value.”

The Shidler Group owns a large and growing portfolio of commercial real estate investments in California, Arizona, Texas and Hawaii.

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