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Deal of the Week - Sale

Kearny Mesa research park sells

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The Cassidy Turley Capital Markets team of Rick Reeder and Brad Tecca, along with the leasing team of Bryce Aberg and Brant Aberg, represented both parties in the Deal of the Week.

The deal was the sale of Tierrasanta Research Park, a four-building, multi-tenant, 112,300-square-foot business park in Kearny Mesa at 9755, 9765, 9771 and 9775 Clairemont Mesa Blvd., San Diego, for $19.5 million.

The buyer was IPG-Monro Tierrasanta LP, with Monro Capital Inc. as the general partner. Ronald E. Perlman is president of Monro.

The acquisition was financed with a loan of $10.8 million from Nationwide Life Insurance.

The seller was Hudson Tierrasanta LLC, a unit of Hudson Pacific Properties Inc. (NYSE: HPP).

The campus consists of two single-story flex buildings, and a pair of two-story office buildings built in 1984-85 on 6.5 acres. The property is 86.2 percent leased.

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