Regions West | San Diego
San Diego Office Building Goes for $42M
March 20, 2008

Falcon Real Estate Investment Co. has announced the acquisition of University Pacific Centre, a four-story,  97,000-square-foot office building in the University Towne Center submarket of San Diego, Calif., for $42 million. Falcon purchased the Class A building for GEM University Pacific L.L.C., an overseas private investor in a 1031 Exchange. The seller was Alecta Real Estate USA L.L.C., based in San Francisco. Adam Edwards, Daniel Broderick and Rick Stumm of Eastdil Secured represented Alecta Real Estate, while Falcon represented the buyer. Falcon will be the asset manager of the property. University Pacific Centre is currently 87 percent leased.

 
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