April 15, 2019
Seattle-based Washington Capital Management, on behalf of a client, acquired Spectrum Corporate Plaza in San Diego for $39.8 million. Located at 9242 and 9246 Lightwave Ave. in the Kearny Mesa submarket, the 129,146-square-foot office campus was 95% leased.
The property consists of two free-standing buildings, with major tenants including Epsilon Systems, Henkels and McCoy, the State of California and San Diego Workforce Partnership. The asset sits on a 6.41-acre lot and is near the CA-52, CA-163 and I-15 freeways.
CBRE’s Louay Alsadek and Hunter Rowe were the investment advisors on the transaction, and CBRE’s Brad Black was the leasing expert for the unnamed seller. The buyer was represented by Washington Capital Management.
“Spectrum Corporate Plaza has been one of the best-performing Class A assets in Kearny Mesa, maintaining over 90% 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,” Alsadek said.
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