R&D building on Avenue of Science Sold

The 73,756-square-foot R&D building in Carmel Mountain Ranch at 15330 Avenue of Science, San Diego 92128, has been sold for $9,219,500.

The buyer was Pain in San Diego LLC, c/o Millennium Laboratories of California Inc., with Howard Appel as the president. Appel is also chief financial officer of Pain in San Diego. The acquisition was financed with a loan of $6,531,000 from Opus Bank. Millennium will occupy the property. The seller of the property (assessor’s parcel 313-400-19) was Kearny-Trigate Ave of Sci LLC, a joint venture of Los Angeles-based Kearny Real Estate Company LLC and TriGate Capital of Dallas.

Mickey Morera and James Duncan, of Cushman & Wakefield, represented the seller. The buyer was represented by Jay Alexander and Ryan Grove, of Jones Lang LaSalle (NYSE: JLL).

The two-story building was built in 1984 on a 3.65-acre lot. The building, renovated by the seller, has five grade-level doors, 20-foot clear height and a 75-seat training center.

In late summer 2010, the property was sold for $6.8 million in a short sale. That new ownership planned to invest $1.8 million to renovate and reposition the property. Morera and Duncan handled that transaction for both parties. Previously, the building was sold for $11 million in 2006 and $4.7 million in 1996.

Source: Colorado Real Estate Journal