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Boston Investment Fund Pays $38 Million for Scripps Wateridge Corporate Center

Big deals coming down

Cruzan-Monroe in San Diego has sold the Scripps Wateridge Corporate Center in Sorrento Mesa to Boston investment fund Colony Realty Partners for $38 million.

The transaction was announced

Sept. 8 by Grubb & Ellis/BRE Commercial in San Diego.

The two steel-frame Class A corporate office buildings, totaling 124,300 square feet, sit on about 12 acres, and are leased to Qualcomm Inc., Cingular Wireless and the Regents of the University of California.

The property also includes 4-plus acres of undeveloped land that can accommodate future development of an office or research corporate headquarters, according to Grubb & Ellis.

Brad Tecca and Rick Reeder of Grubb & Ellis and Louay Alsadek of CB Richard Ellis handled the negotiations.

San Diego-based H.G. Fenton Co. has bought a two-building, 66,300-square-foot business park on Aero Place in San Diego for $12.9 million.

Tucker Hohenstein, Mickey Morera and James Duncan of Burnham Real Estate represented the seller, Aero Partners LP, as well as the buyer, who plans to hold the property as an investment.

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Completed: San Diego-based Barnhart Inc., NTDStichler Architecture and the San Dieguito Union High School District on Sept. 8 formally dedicated the Canyon Crest Academy , the district’s newest high school.

The 61-acre campus, located on Village Center Loop in Carmel Valley, features a gymnasium , billed as one of the largest high school gyms in the state , as well as the tallest building on campus at 55 feet.

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Going Up: Construction is half-finished for the Shops at San Miguel Ranch, a 10-acre neighborhood commercial center in Chula Vista, according to Ann Cleator, vice president and project manager of McMillin Commercial.

More than 80 percent of the center already has been leased, said Rob Ippolito of Burnham Retail Advisors. Tenants include USA Federal Credit Union, First Bank, Starbucks, Carvel Ice Cream and Los Primos Mexican restaurant.

Designed by Benson and Bohl Architects, the Mediterranean-style center includes about 103,000 square feet of retail space and will be anchored by a 52,000-square-foot Albertsons. The remaining 51,000 square feet of retail space will be housed in six wood-framed buildings surrounding a central plaza.

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Kudos: Horizons Marina District, a 218-unit residential high-rise on First Avenue in downtown San Diego, was recently honored with a “Recycler of the Year Award” by City Councilwoman Donna Frye at the city’s 2006 Waste Reduction & Diversion Awards Program.

San Diego’s Urban Property Services Inc. is the property manager for Horizons, which was the only residential community among the dozen recipients.

Send residential and commercial real estate news to pbroderick@sdbj.com or via fax at (858) 571-3628.

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