Regions West
Suburban San Diego Office Building Trades in $25M Deal
Aug 15, 2008

A $25 million transaction has left Mira Oberlin Plaza in Sorrento Mesa, Calif., with a new owner. Pacific Sorrento L.L.C. acquired the 77,300-square-foot office building from Westcore Oberlin L.L.C., an entity of Westcore Properties. The sales price included the buyer's assumption of a $10 million loan from Midland Loan Services. Located at 5880 Oberlin Dr., Oberlin Plaza sits within 15 miles of San Diego. Westcore's disposition of the property comes three years after the company purchased it. At that time, Advanced Marketing Systems was leasing the entire building, but the company's bankruptcy left Oberlin Plaza vacant--albeit for a relatively short period. Advanced Marketing made its exit in August 2007 and Westcore inked a long-term lease deal for the space with Qualcomm in December. Westcore relied on internal representation in the Oberlin Plaza sale, while Pacific Sorrento turned to real estate services firm Sperry Van Ness.

 
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