Nexus Corp. Sells 3 Office Buildings for ‘Hefty’ $32 Million
In one of the largest real estate transactions in San Diego County this year, Nexus Development Corp. on Wednesday sold three Kearny Mesa office buildings to Integrated Resources Inc., a New York-based financial services company, for $32 million.
The buildings, totaling 201,000 square feet, are at the northeast quadrant of Balboa Avenue and California 163 and are fully leased, with more than half the space occupied by General Dyanmics Corp. Construction of the project, called Century Park, was completed last October.
Integrated Resources also bought three adjacent buildings of a similar size from Nexus in November, paying $32 million.
Joel Mayne, an office investment broker with Coldwell Banker in San Diego, said the $160-per-square-foot sale price of the project was “a little hefty” but reflective of the demand for property in the Kearny Mesa area, where he said office space is being leased faster than in any other area of San Diego.
Nexus President Ronald M. Bonaguidi said his firm decided to sell the buildings to increase its liquidity as the firm proceeds with its largest project, Nexus Centre UTC, in the Golden Triangle area.
Once completely built out, the 22-acre Nexus Centre UTC project north of the University Towne Center shopping mall will total 600,000 square feet of office and light industrial buildings, Bonaguidi said. Construction has begun on the first phase.
Since Bonaguidi founded the company in 1974, Nexus has built about 1 million square feet of office buildings in San Diego and Orange counties and is developing 1.5 million more square feet of buildings.
Mayne said the appeal of Kearny Mesa as an office market--and the sale value of office projects such as Nexus Centre--have been enhanced by increased rents in competing office markets, including Mission Valley and the Golden Triangle.
