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Two-building Legacy Sabre Springs complex sold for $98 million

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Legacy Sabre Springs, a two-building, 281,830-square-foot multitenant office park in the Sabre Springs/Carmel Mountain Ranch area at 13500 and 13520 Evening Creek Drive, San Diego 92128, has been sold for $98 million, cash.

The buyer of 13500 and 13520 Evening Creek Drive was Kilroy Realty LP, c/o Kilroy Realty Corp., 12200 W. Olympic Blvd., Suite 200, Los Angeles 90064.

The seller was the developer, Legacy Sabre Springs LLC, a California limited liability company owned and managed by Legacy Partners and VEF Advisors. Legacy Partners is headquartered in Foster City, Calif., with regional offices in San Diego, San Francisco, Irvine, Los Angeles, Denver and Seattle. VEF Advisors is an investment adviser headquartered in Atlanta with regional offices in Boston, Chicago, Philadelphia, San Francisco and San Diego.

Lynn LaChapelle, Bob Prendergast and Ryan Gilbert of Burnham Real Estate Services represented the seller.

The property is also entitled for a third six-story tower, which will add an additional 141,000 square feet.

"This sale represents the continued strong interest by private and institutional investors in well-located Class A San Diego office product," said LaChapelle, a principal with Burnham.

The two-building property is designed for both full floor and partial floor tenants and offers covered parking, a sand volleyball court, an exercise room with shower and locker rooms in each building. Design features include two-story glass-walled lobbies and sixth-floor terraces, with panoramic views and the adjacent 20-acre Chicarita Creek.

Through August 2004, a surge of leasing activity totaling 161,466 square feet pushed the two buildings to a combined total of nearly 80 percent leased. At that time, 13520 Evening Creek was nearly 90 percent leased and 13500 was nearly 70 percent leased.

The first tenant to move into the complex was the Raymond J. Lucia Cos. Inc. in March 2003 under a seven-year, $2.48 million lease for 11,000 square feet on the first and third floors of 13520 Evening Creek, including a custom lobby radio studio.

Other major tenants since then include:

  • Bank of America's Consumer Real Estate division with a three-year, $450,000 lease for 4,732 square feet at 13520 Evening Creek.
  • Pacific Republic Mortgage with 3,313 square at 13520 Evening Creek for 60 months at $512,884.
  • Chase Automotive Finance with 61,106 square feet at 13520 Evening Creek for five years at $8.3 million.
  • IntelliDOT Corp. with a five-year, $1.75 million lease for 12,051 square feet at 13520 Evening Creek.
  • Old Republic Title Co. with 2,971 square feet in 13520 Evening Creek for five years at $480,000.
  • New Century Mortgage Corp., a subsidiary of New Century Financial Corp., with a five-year, $4.9 million lease for 13,606 square feet 13520 Evening Creek.
  • Quintech Solutions Inc. with a five-year, $430,000 lease for 2,572 square feet at 13520 Evening Creek.

  • 13500 and 13520 Evening Creek Drive

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