San Diego CA— CBRE arranged the sale of a two-building, 311,305-square-foot office campus to Invesco Real Estate and San Diego-based developer Cruzan for $85.5 million. Located at 6420 and 6450 Sequence Drive in the Sorrento Mesa submarket of San Diego, the project is situated on nearly 26 acres with approximately 5.7 acres of developable land.
Louay Alsadek, Justin Parsonnet, Hunter Rowe, Chris Pascale and Mike Hoeck of CBRE represented the seller, a publicly traded company. Invesco Real Estate and Cruzan represented themselves. Mark McGovern and Scott Peterson of CBRE Debt & Structured Finance worked on behalf of Invesco Real Estate and Cruzan to secure a $70 million, four-year, variable rate loan through Cornerstone RE Advisors.
The campus is equipped with secured lobbies, cafeteria, gym, showers, basketball and volleyball courts, as well as several patios located throughout the property that serve as outdoor lounge and dining areas.
The existing architecture and design of the property was ahead of its time when initially built in 1998. Cruzan’s plans are to enhance what is already there. Their goal is to make the campus great for current and new tenants. Renovations will include the creation of a contemporary café, a fully–integrated fitness center, an outside amphitheater for all tenants to use, and new passive and active spaces for use by all campus tenants.
Cruzan is a Southern California-based commercial real estate company known to expand the box and creatively rethink the environments in which people work. Guided by purposeful design, Cruzan oversees all facets of commercial real estate, including value add investment, development/re-development, third party construction/development management services, finance, property and asset management and leasing. For more information, visit www.cruzan.co.
About Invesco Real Estate
Established in 1983, Invesco Real Estate manages $64.1 billion of real estate investments, including $36.1 billion in direct real estate investments and $28 billion in real estate securities (as of December 31, 2014). With more than 400 employees in 20 offices worldwide, the group focuses on top-down market and property fundamentals combined with bottom-up local market intelligence. Senior members of the management team have worked together for more than 25 years, contributing to the consistent implementation of Invesco’s investment strategy and resulting performance. Additional information is available at www.invescorealestate.com.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2014 revenue). The Company has more than 52,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 370 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.