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UTC office building on La Jolla Village sold

The five-story, approximately 95,811-square-foot Regents Park Financial Centre in UTC (University Towne Centre) -- at 4180 La Jolla Village Drive, San Diego 92037 -- has been sold for $28.95 million.

The buyer was Regents Park UTC LLC, care of BLC Inc., 450 B St., Suite 400, San Diego 92101. LBB Regent LLC is the member-manager of Regents Park, and Paul LeBeau is the authorized signatory of LBB. The acquisition was financed with a loan of $19 million from Fargo Investments LP.

The seller of the property (assessor's parcel 345-161-05) was The Realty Associates Fund VIII L.P.

In late 2011, TEK Systems Inc. leased 9,677 square feet of office space for five years at $1.4 million. TEK in early 2006 leased 9,677 square feet for 64 months at $1.76 million.

Earlier in 2011, Lavine, Lofgren, Morris and Engelberg leased 13,854 square feet for 98 months at $2.7 million.

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