Thank you for sharing!

Your article was successfully shared with the contacts you provided.

SAN DIEGO-Falcon Real Estate Investment Co. has acquired the 96,581-sf University Pacific Centre office building for $42 million on behalf of an overseas-based 1031 exchange buyer. The seller of the property, which is a four-story class A building at 8899 University Center Lane in the University Towne Center submarket, was Alecta Real Estate USA LLC of San Francisco.

Falcon, based in New York City, is an advisory and management services firm representing non-US individual and institutional investors in US real estate. Falcon, which maintains a regional office in San Diego and will be the asset manager of the property, purchased the University Pacific Centre on behalf of GEM University Pacific LLC.

Falcon executive vice president Scott Sweeney, who is based in San Diego, cites the University Pacific Centre’s “premier location within the prestigious UTC office submarket, with frontage on Interstate 5.” He notes that the office building provides freeway-visible building signage and the most generous parking ratio in the UTC submarket, four spaces per 1,000 sf of office area.

University Pacific Centre is 87% leased to a wide range of tenants including Pharmaceutical Research Associates, EpiCept Corp. and the Merrill Corp. “Falcon views this property as a secure long-term hold,” Sweeney comments.

Sweeney says that Falcon’s business plan calls for addressing the existing vacancies and also reviewing upcoming lease expirations as an opportunity to increase cash flow by bringing below-market rental rates to market levels. Plans also call for upgrading some of the systems in the building, which was constructed in 1987, and additional improvements to increase occupancy and maintain the building’s status as a high-end office property.

Sweeney adds that Falcon sought out University Pacific Centre because of its easy freeway access and strategic location. The property is across the street from the 419-room Hyatt Regency Hotel of La Jolla, the Sporting Club fitness center and several high-end restaurants. The University of California at San Diego is across Interstate 5 from University Pacific Centre, and San Diego International Airport is approximately 15 to 20 minutes from the building, as is Downtown San Diego.

Falcon represented the buyer in the acquisition. The seller was represented by Adam Edwards, Daniel Broderick and Rick Stumm of Eastdil Secured.

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
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


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 © 2020 ALM Media Properties, LLC. All Rights Reserved.