X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

SAN DIEGO-The newly constructed Copley Corporate Center office building has been acquired in a deal valued at $28.8 million.

Pacifica Group has purchased the asset, which stands at 5855 Copley Dr. in the Kearny Mesa area of San Diego. Encompassing 120,483 sf, the three-story facility boasts a high parking ratio of 7.4 spaces to 1,000 sf of office space. The property is currently 100% leased to Household International; University of California, San Diego; and Kaiser Foundation Hospital.

The buyer was represented by a BRE Commercial/NAI brokerage team consisting of Dave Odmark, Louay Alsadek, Rick Reeder and Bill Cavanagh. The same team acted on behalf of the seller, LMC Copley LLC.

Despite a sluggish first quarter for the San Diego County office market, the region’s overall positive net absorption did increase more than 50% from the last quarter of 2002. According to a recent report published by BRE Commercial/NAI, net absorption for the region’s office product jumped from 193,645 sf in the last three months of the previous year to 296,262 sf in the first three months of this year. San Diego’s North County region absorbed 248,145 sf of office space, while its South County office sector experienced 48,117 sf of positive net absorption.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.