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Thursday, Feb 9, 2023
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UTC Area Building Sells for $42M

A foreign investor purchased a Class A, four-story office building in University Towne Center for $42 million, according to the San Diego office of Falcon Real Estate Investment Co. LP on March 19.

The New York-based firm, which offers advisory and management services for international investors, represented the buyer.

University Pacific Centre, a 96,600-square-foot office building on University Center Lane, was purchased by GEM University Pacific LLC. The seller was San Francisco-based Alecta Real Estate USA LLC.

Daniel Broderick, Adam Edwards and Rick Stumm of Eastdil Secured represented the seller and Falcon Real Estate Investment represented the buyer, and will serve as the asset manager for the property, which is 87 percent leased.

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Tenants include Pharmaceutical Research Associates, EpiCept Corp. and Merrill Corp.

, Michelle Mowad

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