Brixton Capital has sold Lomas Pacific in the Kearny Mesa area of San Diego for an undisclosed amount to San Diego-based MC Strauss Company. The 99,822-square-foot office park is located at 9619 Chesapeake Drive and 9444 Farnham Street. Tenants at the property include Scripps Health, Q.E.D. and Patenaude & Felix, A.P.C.
After acquiring the property in 2015, Brixton conducted a thorough renovation of the property, including re-painting the exterior, upgrading the landscaping and remodeling all the lobbies and common areas. Brixton also addressed deferred maintenance and modernized building operating systems.
According to Brixton’s Vice President of Acquisitions Jim Hamilton, “Our leasing team, in partnership with Cushman & Wakefield, re-tenanted over 50% of the property to new high-quality businesses. Clearly, the enhancements made to the property and the historic resiliency of the Kearny Mesa market made this an attractive investment opportunity.”
Rick Reeder, Brad Tecca, Bill Cavanagh and Mike Novkov from Cushman & Wakefield represented the sellers. The buyer represented itself.
“Lomas Pacific is great example of how the Brixton leasing and operations teams are able to re-position properties with the assistance of our leasing and transaction advisors at Cushman & Wakefield to create great properties and great returns,” said Brixton Capital President Mark Selman.
Brixton owns and operates a portfolio valued in excess of $1.6 billion, representing over 10 million square feet of retail, multifamily, office and land investments across the United States and Europe.
About Brixton Capital
Brixton Capital is a preeminent private real estate investment firm that seeks to generate outstanding, risk-adjusted returns by unlocking embedded value in commercial real estate transactions spanning all property types. Headquartered in San Diego County’s Solana Beach, California, Brixton is led by a team of seasoned commercial real estate experts with an average of more than 25 years of experience. For more information, visit www.brixtoncapital.com.
For more information about this transaction:
Mark Selman, President Jennifer Whitelaw
(858) 367-7147 (619) 733-5944
Photo caption: Brixton Capital sells multi-tenant San Diego office property to MC Strauss Company.
Photo credit: KDKC Productions