TriGate Property Partners II L.P., in partnership with San Diego-based Cypress Office Properties, has acquired Olympia Plaza, a 130,000-square-foot office and corporate headquarters project at 3870-3890 Murphy Canyon Road in the Kearny Mesa submarket of San Diego.
The new ownership plans to maximize its investment by completing major interior and exterior renovations at the three-building office complex.
Olympia Plaza is TriGate's first investment with Cypress Office Properties.
Plans for the property include upgrading exterior/interior common areas and refurbishing much of the vacant space.
“The property has suffered over the last three years from a previously under-funded ownership and foreclosure by an earlier lender,” said Mark Wayne, a principal of Cypress.
“These circumstances presented an excellent opportunity to acquire the project from a lender REO sale at attractive pricing. Now our job is to return the property to a stable, attractive condition both physically and financially.”
To devise and execute a strategy that will lead to a quick lease-up for the building, Cypress has brought onboard Richard Gonor and Tony Russell, executive vice presidents of Jones Lang LaSalle (NYSE: JLL).
Ron Lack, a principal of Cypress, added, “Olympia Plaza will cater to both small and large corporate office companies. Available space ranges from 2,000 to 100,000 square feet, and building signage is available, visible to the I-15 freeway.”