(To read more on the industrial market, click here.)

SAN DIEGO-In what appears to be a buying spree throughout San Diego County, LBA Realty has acquired Carroll Tech Center and a free standing R&D building for $28 million. Together the buildings have a combined square footage of 181,000 sf.The four-building Carroll Tech Center is located on 8928, 8929, 8958 and 8959 Terman Court in Miramar. The buildings total 132,000 sf altogether. The R&D Building, located at 6325 Lusk Blvd. is 49,000 sf and is located in Sorrento Mesa. Tenants in the building include Sony, San Diego Cash Register and Quantum Design. Dean Asaro, Nick Psyllos and Rob Merkin of CB Richard Ellis represented both the buyer and the seller, Bedford Property Investors, in the sale.LBA recently acquired the five-building Miramar Commerce Center, located at 8902-8940 Activity Rd. The center is part of San Diego County’s second largest industrial submarket, which totals approximately 14.5 million sf of space. The business park, completed in 1987 and 1997, is located on two parcels of land totaling 10 acres. The building, currently leased to 28 tenants, is 92% occupied. Tenants lease space from 907 sf to 19,940 sf. LBA Realty acquired another office/R&D building in Sorrento Mesa in March. The 134,000-sf building was bought for $17 million from El Segundo-based Hughes Network Systems. Following the acquisition, LBA signed a 12-year lease with Time Warner Cable for the entire parcel. The lease terms included the options for TWC to expand the building by 80,000-sf, if necessary. According to a principal of LBA, David Thomas, the company has bought and sold several properties in the Sorrento Mesa area over the last 10 years. “Leasing activity has been slow in Sorrento Mesa over the last four years, but we believe in the current and long term viability of the submarket and are looking to acquire more Sorrento Mesa properties,” Thomas says.

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