San Diego County Investments - lachance.voitco.comlachance.voitco.com/assets/PDF/MktIntel/SDinv_2011Q1_Issue48.pdf · This two-story corporate headquarters ... The anchor tenant is

In This IssueFeatured Properties.............................. 1-3

Summary ...............................................................4

Economic Indicators...................................4

Campus Point Office Project ........ 2

La Jolla Office Building ..................... 2

Serra Mesa Shopping Center ...... 3

Scripps Tech Park ................................ 3

Economic Indicators ........................... 4

Callaway Golf Buildings Sells for $18.58 Million2285 Rutherford Road5928/5960 Pascal Court

This three building project consisting of 127,297 square foot, 74,852 square foot, and 35,000 square foot buildings were sold by Callaway Golf. Callaway signed a leaseback for all three buildings at undisclosed terms and conditions. The buildings were built between 1987 and 1993.

Project Size: 237,149 Square FeetSale Date: 03/2011Sale Price: $18,580,000Price PSF: $78.35Cap Rate: N/A

CentreWest Plaza in Sorrento Mesa Sells for $18.4 Million9710 & 9740 Scranton Road

This two building, three-story office project located in western Sorrento Mesa includes a two-level underground parking garage. The project was built in 1990 and was 81% leased at the time of sale.

Project Size: 116,825 Square FeetSale Date: 02/2011Sale Price: $18,400,000Price PSF: $157.50Cap Rate: 6.50%

San Diego County InvestmentsQUARTERLY NEWSLETTERISSUE 48 First Quarter 2011

PREPARED BY: RANDY LaCHANCE, SIOR SENIOR VICE PRESIDENT, (Lic. # 00969674)

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San Diego County InvestmentQUARTERLY NEWSLETTER ISSUE 48 First Quarter 2011

La Jolla Office Building Sells for $7.6 Million 484 Prospect Street

This landmark three-story building is designed with 44 executive office suites and a 30 space secured parking garage. The property sold all cash with a five day escrow. This was an REO sale.

Project Size: 14,800 Square FeetSale Date: 03/2011Sale Price: $7,600,000Price PSF: $513.51Cap Rate: N/A

Campus Point Office Project Sells for $15.5 Million4110-4224 Campus Point Court

This two building office project located in the University City area totaled 137,963 square feet. The seller (SAIC) executed a sale leaseback for one of the buildings, totaling 42,706 square feet for two years. The other building will be delivered vacant. The project was built in 1986.

Project Size: 137,963 Square FeetSale Date: 02/2011Sale Price: $15,500,000Price PSF: $112.35Cap Rate: N/A

Scripps Tech Park Sells for $6.6 Million10150 Meanley Drive

This two-story corporate headquarters building totaled 60,850 square feet and was 50% leased at the time of sale. Previous sales included May 2002 for $8.1 million and April 2007 for $10.6 million.

Project Size: 60,850 Square FeetSale Date: 02/2011Sale Price: $6,600,000Price PSF: $108.46Cap Rate: 7.50% (proforma)

Serra Mesa Shopping Center Sells for $6.7 Million3202-3304 Greyling Drive

This 55,761 square foot neighborhood shopping center was sold by a court-appointed receiver for $6.7 million. The property was built in 1957 and renovated in 1994. At the time of sale, the property was 80% leased. The anchor tenant is CVS Pharmacy.

Project Size: 55,761 Square FeetSale Date: 03/2011Sale Price: $6,700,000Price PSF: $120.16Cap Rate: 7.50%

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The information contained herein has been obtained from sources we deem reliable. While we have no reason to doubt its accuracy, we do not guarantee it. ©2011 Voit Real Estate Services, Inc. All Rights Reserved. • Lic. #01333376 • www.voitco.comReal People. Real Solutions.® is a registered trademark of Voit Real Estate Services.

As a client of ours, we are happy to provide you with this useful information. For more detailed information, please feel free to give me a call.

Randy LaChance, SIORSenior Vice PresidentLic. #[email protected]

4370 La Jolla Village DriveSuite 990 San Diego, CA 92122858.453.0505858.453.1981 Fax

ISSUE 48 First Quarter 2011

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SUMMARYRandy LaChance is a Senior Vice President

at Voit Real Estate Services and a member of

the Society of Industrial and Office Realtors.

He has over twenty years of experience and

is an active investment agent specializing

in the sale of business parks and office

buildings.

I am pleased to present you with this

quarterly newsletter and hope you find it

informative. If you ever have questions

regarding your San Diego property, please

do not hesitate to call. I am always willing

to help and give you my opinion. If you

are considering selling, I would appreciate

the opportunity to earn your business.