Eastdil Secured and JLL (NYSE: JLL) represented the buyer and seller of the Deal of the Week
The deal was the sale of the nine-building, 655,643-square-foot San Diego Tech Center and an adjacent 38 acres in Sorrento Mesa for $256.5 million. The land is entitled to an additional 1.2 million square feet of office/industrial development.
The buyer was Houston-based Lionstone Investments on behalf of a group of institutional investors. Its operating partner is Locale Advisors, with San Diego investor Phil Monroe as principal.
The seller was Beacon Capital Partners, which had paid $152.5 million for the property in April 2012.
Jay Alexander, Chad Urie and Tim Olson of JLL will continue to handle leasing for the property.