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SAN DIEGO, CA-New York-based pension advisory firm WP Carey has shelled out $28 million for the Overland Storage office campus located in the San Diego Spectrum Business Park.

Located on an eight-acre parcel at the corner of Overland Drive and Spectrum Center Boulevard, the complex consists of a two-story corporate office facility encompassing 60,335 sf and a 98,250-sf research and development building. Both facilities are concrete tilt-ups with steel frames. Completed in March 2002 by Layton-Belling & Associates, the build-to-suit was designed to accommodate both large tenant requirements and possible multi-tenant uses.

Nick Psyllos of CB Richard Ellis’ San Diego office acted on behalf of both WP Carey and the seller, LBA Overland LLC, which is a partnership between Layton-Belling & Associates and AEW Capital Management.

According to Psyllos, the Overland Storage campus is an “excellent investment opportunity for WP Carey,” with San Diego being a top choice for business. He adds that highly functional, well-located product will “continue to be in demand,” as it provides the buyer with “an optimal return on their investment.”

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