Connecticut-based private investment firm Starwood Capital Group, has completed the acquisition of a 12-building office portfolio in San Diego through a controlled affiliate, according to a Starwood Capital release.
The properties, totaling 1.1 million square feet, are located in Sorrento Mesa and Rancho Bernardo. Specific terms of the transaction were not disclosed.
"San Diego has recently experienced some of the largest job gains of any market in the country, and is home to a host of leading firms in industries with tremendous growth prospects," said Mark Deason, senior vice president at Starwood Capital Group. "We are pleased to expand our presence in the market through this acquisition."
Christopher Graham, Starwood's senior managing director, said the portfolio is well-positioned to capitalize on the recovery in the region.
Starwood did not provide the exact location of the properties, but reported they are relatively newly constructed, with an average vintage of 2002. The portfolio is 91 percent leased, the firm added.