Drawbridge Buys Four Office Buildings for $73M

SAN DIEGO—Drawbridge Realty Trust has purchased four office buildings totaling 227,600 sq. ft., with three of them in the San Diego area, for about $73 million.

The company bought two buildings in the Discovery Corporate Center campus in the Rancho Bernardo community for $53 million. The two properties are leased to Broadcom Corp. and comprise 137,438 sq. ft. The seller was Menlo Equities LLC, and no brokers were involved in the off market transaction.

Drawbridge also acquired a vacant life sciences building in San Diego County’s Sorrento Mesa area, located at 6550 Nancy Ridge Drive. The 24,117-sq.-ft. building was acquired for approximately $2 million and will be redeveloped to attract a corporate user.

Drawbridge also increased its Northern California holdings by acquiring a two-story office building in Santa Clara. The property is located 3201 Scott Boulevard and was purchased for just less than $18 million. The building totals 66,106 square feet and is leased to Advantest America. The seller was also Menlo Equities LLC.

Mark Whiting, CEO of Drawbridge, said the purchases were assisted by $150 million in a capital infusion by Almanac Realty Investors late last year. “We feel that each property is ideally located in its submarket and is well positioned to attract and retain large corporate users,” Whiting said. “We are looking forward to expanding the firm’s portfolio, optimizing potential opportunities through redevelopment, and continuing to invest in quality properties.” The purchases boost the company’s holdings to about 1.8 million sq. ft. across the western United States.

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