San Diego Business Journal

Rancho Bernardo Office Buildings Sell for $53M

Thursday, January 24, 2013

Drawbridge Realty Trust LLC of San Francisco has purchased two Rancho Bernardo office buildings for $53 million, in an off-market transaction.

The buildings, leased to Broadcom Corp., are located at 16465 Via Esprillo and 11020 Via Frontera Drive, in the Discovery Corporate Center, according to a statement from Drawbridge.

The properties have a total of 137,438 square feet of space, and the seller was Menlo Equities LLC of Palo Alto.

Drawbridge also recently acquired a vacant life sciences building in Sorrento Mesa, for approximately $2 million. The company plans to redevelop and upgrade the 24,117-square-foot building, at 6550 Nancy Ridge Drive, to attract a corporate user.

Drawbridge owns and manages a portfolio of 1.8 million square feet of commercial properties in the western United States. The company has made several recent purchases following a $150 million capital investment from New York-based Almanac Realty Investors LLC.

— SDBJ Staff Report