Louay Alsadek, Justin Parsonnet, Hunter Rowe, Chris Pascale and Mike Hoeck, of CBRE (NYSE: CBG), represented the seller of the Deal of the Week.
The deal was the sale of the two-building, 311,305-square-foot office campus in Sorrento Mesa, at 6420 and 6450 Sequence Drive in San Diego, for $85.5 million.
The buyer was 6420-6450 Sequence Drive LLC, c/o Cruzan Properties-Investments LLC of Del Mar and Invesco Real Estate. Dennis S. Cruzan is the vice president of the new ownership.
The acquisition was financed by a loan of $70 million, four-year, variable rate loan from the Los Angeles County Employees Retirement Association by Mark McGovern and Scott Peterson, of CBRE Debt & Structured Finance through Cornerstone RE Advisors.
The campus was built in 1998 and occupies nearly 26 acres, with approximately 5.7 acres of developable land.