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Scripps Ranch building on Meanley sold

The 60,870-square-foot office building in the Scripps Ranch area, at 10150 Meanley Drive in San Diego 92131, has been sold for $10,394,500.


The buyer was Double Black Diamond Properties LLC, at 10455 Sorrento Valley Road, Suite 210, San Diego 92121. CJT Family Trust and BBB Family Trust are the members of Double Black. Valorie A. Seyfert is the trustee of CJT, and G. Taylor Beattie and Amelia H. Beattie are the trustees of BBB.

The acquisition was financed with a loan of $8,904,000 from Union Bank. The seller of the property (assessor's parcel 319-170-35) was PV Meanley Drive LLC, with PacVentures Inc. as manager. Andrew M. Kaplan is CEO of PacVentures.

Brandon Keith, a senior vice president in Voit Real Estate Service's San Diego office, represented the buyer. The seller was represented by Jed Stirnkorb and Matt Pourcho, of CBRE (NYSE: CBG).

The office property's second floor is currently leased to Paychex North America Inc.. Paychex's 89-month, January 2011 lease is for 30,435 square feet at $4.6 million. The remainder of the building is under lease to CUSO Financial Services L.P., with Valorie Seyfert as president/CEO.

The building was constructed in 2001 on a 4.31-acre lot. In early 2011, the property was sold for $6.6 million to PV Meanley. Left vacant in April 2007, the office/lab building was sold for $10.6 million. In May 2002, the property was sold for $8.1 million.

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