1/21/2008

San Diego office building brings $15M

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Santa Monica, Calif.-based Pacific Development Partners, LLC has purchased the former headquarters of surf apparel company Reef from Cruzan Monroe for $15.25 million.

Dennis Visser and Mark Emerick of Grubb & Ellis/BRE Commercial represented Cruzan Monroe while Pacific Development was represented by Greg Lewis, Doug Hogan and Bill Barnett of Cushman & Wakefield.

The two-story office building is located at 5935 Darwin Court and contains 52,260 square feet. It is situated on 3.45 acres and sold for $292 per square foot with a 6.25 capitalization rate. Until 2005, the building was occupied by The Immune Response Corp.

Visser is a member of Grubb & Ellis/BRE's industrial properties division and has been with the firm since 1990. He specializes in selling and leasing industrial and R&D properties in north San Diego County.

Address: 5935 Darwin Court, San Diego, Calif.

Size: 52,260 square feet

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Filed Under: Office

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