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Casey Brown Companies Claim City Center Assets
San Diego-based Casey Brown Companies acquired a City Center office property in San Diego for $14.5 million. The seller was San Diego State University Research Foundation (SDSURF).
The property includes two of the largest office buildings on El Cajon Boulevard at 4275 and 4283 El Cajon Blvd., and a four-story, 149-stall parking structure. The off-market transaction was structured as a sale leaseback. SDSURF executed a five-year lease with one five-year extension option.
Voit Real Estate Services’ Kipp Gstettenbauer and Ryan King handled the sale, which closed in less than one week.
Gstettenbauer notes investors have strong appetites for commercial real estate deals despite the current environment, provided they are well-located and demonstrate strong market fundamentals. He says, “In this case, we were able to achieve SDSURF’s goal by allowing them to remain at the property and serve their research projects and tenancies over the next several years, while also providing a net-leased opportunity with strong development upside for the buyer.”
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition


