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RANCHO BERNARDO, CA-Muller-Crossroads LLC has divested itself of another asset located in the Crossroads at 4S Ranch industrial park. The sale marks the sixth property that Muller-Crossroads, which is an entity of the Muller Co. and GE Capital, has sold in the seven-building, Rancho Bernardo complex. Investor Charles W. Hostler has acquired the facility from Muller-Crossroads as part of a 1031 tax deferred exchange, according to Brian Driscoll of Colliers International, who worked on the transaction. The 73,509-sf asset has traded hands for more than $6.5 million. Located at 10895 Thornmint Rd. in the Crossroads at 4S complex, the facility is “fully leased to credit tenants,” Driscoll tells GlobeSt.com. The property’s current occupants are General Atomics Aeronautical Systems and Northrop Grumman. Hostler was represented by Tony Albin of Colliers International in the recent transaction. Driscoll and his Colliers International colleagues Jay Alexander and Ryan Grove acted on behalf of Muller-Crossroads. “It’s an improving market and people are selling properties and wanting to tax defer their exchanges,” says Driscoll of the Rancho Bernardo industrial market, explaining that this phenomenon “exacerbates the process, making it go higher and hotter in prices.” As a result of this favorable capital market, Muller-Crossroads has decided to divest itself of all the buildings in the Crossroads at 4S Ranch, Driscoll tells GlobeSt.com. He says the remaining facility in the complex will soon be going under contract. The Crossroads at 4S Ranch was developed by Mitsui in 1990 and 1991. Muller-Crossroads purchased the 19.6-acre asset, which encompasses a total of 363,000 sf, for $27 million in May 2003. The joint venture began selling off facilities here in January of this year, when four buildings were sold for approximately $12.5 million in two separate transactions. Last April, a fifth facility was sold for $8.6 million.

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