Washington Capital Management has purchased, on behalf of a client, Spectrum Corporate Plaza that is a 129,146 square foot office campus in central San Diego. The buyer paid $39.8 for property.

The investment advisory firm picked up the two building property in the Kearny Mesa neighborhood from Colony Capital, that had bought the asset from LaSalle Investment Management 2010.

The property was built in 2008. The Class A property at 9242 and 9246 Lightwave Ave. was 95 percent leased at the time of sale. Major tenants include Henkels & McCoy, Epsilon Systems, the State of California and the San Diego Workforce Partnership.

The pair of low-rise, freestanding buildings sits on a 6.41-acre lot with 514 parking spaces. The plaza has easy access to Interstate 806 and State Route 52, as well as nearby restaurants and amenities on Clairemont Mesa Boulevard.

CBRE’s Louay Alsadek and Hunter Rowe advised on the investment deal, while Brad Black of CBRE served as the leasing expert for the seller. Washington Capital Management represented its client.

Alsadek said, “Spectrum Corporate Plaza has been one of the best-performing Class A assets in Kearny Mesa, maintaining over 90 percent occupancy since it was built in 2008, which made it a great prospect for the clients of Washington Capital Management in an off-market deal.”

Source: Trade Arabia

Fulya Altunyay/ [email protected]