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Deal of the Week - Sale

Spectrum Corporate Campus sale

The Deal of the Week was the sale of the three-building, 182,870-square-foot Spectrum Corporate Campus in Kearny Mesa at 9326 and 9356 Spectrum Center Blvd. and 4830 Ruffin Road, San Diego, for $61,025,000.

The buyer was Drawbridge Spectrum Corporate LLC of San Francisco, with Drawbridge Realty Operating Partnership as its sole member. Mark S. Whiting is chief executive officer of Drawbridge Realty.

The acquisition was financed by Keybank NA, as lender and agent for other lenders.

The seller was IVG Institutional Funds GMBH, formerly known as Oppenheim Immobilien-Kapitalanlagegesellschaft mbH, a German limited liability company, as nominee for American Funk-OIK. Irmgard Linker and Oliver Zimper are the managing directors of the seller.

The buildings occupy 9.88 acres and consist of a pair of two-story buildings of 44,550 and 65,050 square feet connected by a 6,775-square-foot atrium, and a third 66,495-square-foot, three-story building.

The property is fully leased to Northrop Grumman Systems Corporation, a wholly owned subsidiary of Northrop Grumman Corporation (NYSE: NOC), which has been the sole occupant of the buildings since completion in 2005. Northrop renewed its lease in late 2014.

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