IDS, TIAA-CREF Pay $60M For Kearny Mesa Campus

IDS Real Estate Group recently completed the purchase of a San Diego-area tech center. The real estate company operated through an affiliate involved in a joint venture created alongside an institutional partner for the acquisition of the Cabrillo Technology Center in Kearny Mesa. The seller was Cabrillo Properties LLC. Both parties were represented in the transaction by CBRE San Diego through a team consisting of Louay Alsadek, Evan August, Brad Black and Andy Taylor. The financial terms of the agreement were not released to the press.

A joint venture of IDS Real Estate Group and TIAA-CREF recently completed the acquisition of Cabrillo Technology Center, a three-building, 285,585 square-foot corporate campus in Kearny Mesa, from Cabrillo Properties L.L.C., according to CoStar Group, which reported the price as $59.5 million.

The transaction was arranged by a team from CBRE Inc.’s San Diego office, including Louay Alsadek, Evan August, Brad Black and Andy Taylor. IDS Real Estate Group recently completed the purchase of a San Diego-area tech center.

Located on a 17-acre site on Balboa Ave., the campus consists of a building completed in 1963 and two others developed in 2000. One of the two newer buildings, 8690 Balboa Avenue, has earned LEED Silver certification as well as an Energy Star rating.

The facility is 96 percent leased to Raytheon and HDR Engineering. The facility was extensively renovated by Cabrillo Properties.

According to Matt Aminoff, vice president at IDS Real Estate’s San Diego office, “Cabrillo Technology Center was an opportunity to acquire quality infill real estate in the sought after submarket of Kearny Mesa well below replacement cost.”

Image courtesy of cbre.us