Alvarez & Marsal, Classical Academy Buy Industrial Assets
- Sep 19, 2013
By Alex Girda, Associate Editor
A pair of industrial assets figure in several notable recent San Diego transactions. In a $7 million deal, The Classical Academy acquired a 57,104-square-foot facility formerly operated by the defunct North County Times, the San Diego Business Journal reported.
The property was acquired from Manchester Financial Group, a company controlled by Douglas Manchester, the developer, investor and owner of the San Diego Union-Tribune. Located at 207 E. Pennsylvania Ave., the four-acre site includes two undeveloped parcels as well as the building.
Alvarez & Marsal Capital Real Estate paid $12.7 million for a 65,840-square-foot square-foot research and development building at 2251 Faraday Ave. in Carlsbad, according to SDBJ. IDS Real Estate Group of Los Angeles was the seller. The facility is 73 percent leased to pharmaceutical and medical device maker Abbott Laboratories. Cassidy Turley and Madison Partners arranged the transaction.