GI Partners of Menlo Park has purchased the Lightwave Corporate Center office building in Kearny Mesa for $52.5 million, according to CoStar Group. The seller was Irvine-based LBA Realty.

The two-story, 166,892-square-foot building, located at 9305 Lightwave Ave., was built in 1985 and renovated in 2007. It last sold for $26 million in 2006.

The building formerly housed General Dynamics. Its current tenants include San Diego Gas & Electric Co. and American Internet Services, according to CoStar.

American Internet Services occupies first-floor data center space, and SDG&E occupies the entire second floor.

The seller was represented by the local office of Holliday Fenoglio Fowler LP, also known as HFF, and CBRE. The buyer represented itself.

“This asset benefited from improving fundamentals in San Diego and traded at a significant discount to replacement cost, given the extraordinarily high cost of data center construction,” said Nick Psyllos, senior managing director for HFF, in a statement from the investment services firm.

— SDBJ Staff Report