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Building on Stowe in Poway sold

The approximately 81,613-square-foot industrial building at 14020 Stowe Drive, Poway 92064, has been sold for $11.5 million, cash.

The building is in the Parkway Business Centre in the South Poway Business Park.

The buyer was Sorrento West Properties Inc., 3550 General Atomic Court, San Diego, Attn: Joseph Maskolenko.

The seller of the property (assessor's parcel 323-481-10) was Lloyd H. Wells, trustee of the Lloyd H. Wells Gift Trust.

The building (Parkway Centre Five) was constructed in 2000 on a 5.72-acre lot and was the fifth of seven spec Parkway Centre buildings in Poway constructed by McMillin Commercial, in partnership with Hillwood Development Corp.

The new ownership is controlled by unmanned surveillance aircraft builder General Atomics Aeronautical Systems Inc., which in late 2010 paid $22.23 million for a 144,000-square-foot building on 8.43 acres at 14040 Danielson St., Poway.

In spring 2001, the building was leased to Remec Inc. (Nasdaq: REMC), a designer and manufacturer of high-frequency subsystems used in the transmission of voice, video and data over wireless networks for 10 years at $11.24 million.

In November 2001, the property at 14020 Stowe was then sold for $10.5 million to the Wells trust.

In late 2007, the property was occupied by Teledyne RD Instruments (NYSE: TDY) on a 60-month, $4.65 million lease. Teledyne RD, a manufacturer of underwater acoustic Doppler products.

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