11/1/2007

Grubb & Ellis/CBRE broker sale of California office properties

by

Three Piper Ranch

A client of BlackRock Inc. has acquired the Three Piper Ranch in Otay Mesa, Calif., for $30 million from Newport Beach, Calif.-based Master Development Corporation.

Louay Alsadek of CB Richard Ellis and Regan Tully of Grubb & Ellis represented both BlackRock and MDC in the deal.

The two-building office/warehouse property is located in the Piper Ranch Business Park and was developed by MDC this year. It contains a 155,000 square foot building that is 100 percent leased to Imperial Toy Corporation, the world's largest bubble toy manufacturer, and a 178,000 square foot building that is currently unoccupied.

Otay Mesa is located roughly 14 miles south of San Diego.

Alsadek has been in the real estate industry since 1987 and has been with CBRE since 2006. He is an executive VP with the Investment Properties Group in San Diego. Prior to that, he was the Top Investment Broker at Grubb & Ellis/BRE Commercial in 2004-2006.

Tully is part of Grubb & Ellis/BRE Commercial's Industrial Division and specializes in the South County/Otay Mesa area. He is a former VP at International Real Estate in San Diego and is a graduate of San Diego State University with a degree in Political Science.

Address: 1210 and 1320 Airway Rd., Otay Mesa, Calif.

Size: 333,000 square feet

Built: 2007

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Filed Under: Office

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