International real estate company Hines has acquired an office complex in San Diego on behalf of National Office Partners Limited Partnership, its investment partnership with the California Public Employees’ Retirement System.
The value and terms of the transaction were not disclosed.
The three-building, 220,000-square-foot, class A office campus is located on Vista Sorrento Parkway in the Del Mar Heights/Torrey Hills submarket of San Diego.
Secured Capital Corp represented the seller, and Hines represented itself in the transaction. Hines will assume property management and leasing responsibilities.
Pacific Plaza was designed by Brian Paul & Associates Architects & Planning. The buildings are set within an eight-acre campus situated on a bluff above Interstate 5 just north of the I-5 and I-805 intersection. Amenities include: state-of-the art building systems; 745 parking spaces in surface lots and two garages; a health club; and ocean and Torrey Reserve views from all floors.
Pacific Plaza was fully leased to six tenants at the time of acquisition. Tenants include Qualcomm, Cisco Systems, Iomega, Rudolph and Sletten, The Producers Group, and Pickford Realty.
National Office Partners was formed in 1998. The investment partnership currently owns a portfolio of class A office assets with a value in excess of $1 billion.
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