Legacy, Lend Lease acquire land for office park

SAN DIEGO — Legacy Sabre Springs LLC announced it has purchased 11.9 acres of land in San Diego for the development of Legacy Sabre Springs, a Class-A office complex. The land was purchased from Pardee Construction Co. for $11.95 million. Legacy Sabre Springs LLC is a partnership between Foster City, Calif.-based Legacy Partners Commercial Inc. and Lend Lease Real Estate Investments, Atlanta. Lend Lease’s investment is on behalf of its Value Enhancement Fund III, an investment fund comprised of institutional investors.

Business Real Estate Brokerage Co. represented Legacy Partners. CB Richard Ellis represented the seller.

Construction on Phase I of the project is scheduled to begin in the second quarter of this year. Phase I will include 280,000 sq. ft. of Class-A office space in two six-story buildings. Completion of Phase I is scheduled for summer 2002. When it is fully completed, Legacy Sabre Springs will be a three-building, 422,800 sq. ft. office complex. The complex will feature a recreational sports court, two parking structures, two-story lobbies and office balconies.

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