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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.

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