Granite Peak Partners Acquires Ponderosa Technology Park in San Diego for $28.2 Million

Granite Peak Partners, a real estate investment firm based in Santa Barbara and Los Angeles, acquired Ponderosa Technology Park in San Diego, California for $28.2 million.

SANTA BARBARA, CALIFORNIA (PRWEB) August 16, 2005 -- Granite Peak Partners, a real estate investment firm based in Santa Barbara and Los Angeles, acquired Ponderosa Technology Park in San Diego, California for $28.2 million.

Ponderosa Technology Park, a 155,000 square foot multi-tenant business complex, is located in the Kearny Mesa sub-market of San Diego. "The business district has historically experienced lower vacancy rate than surrounding areas and houses many of San Diego's premiere technology companies," says Bruce Savett, a founding principal of Granite Peak Partners in charge of acquisitions. The property is divided into eight freestanding buildings on 9.64 acres and has recently undergone considerable capital improvements including a new roof, HVAC replacement, significant new landscaping and parking lot resurfacing.

"With high occupancy rates in the market and the high quality of tenants, we believe Ponderosa is a perfect fit to meet the long-term cash flow objectives of our clients," says Savett.

Granite Peak completed due diligence on this property in two weeks. "We're an agile company by design, so we can move fast on our transactions. It's something we're proud of and our brokers like," says Gregory Yost, another founding principal of the firm.

Granite Peak Partners plans to complete $200 million in acquisitions over the next 12 months. It has already purchased $53.4 million in Southern California industrial property including Centre Pointe industrial business park in Carson, California for $25.2 million during the past two months.

Mike Hefner of Voit Commercial represented the buyers and Jeff Cole of Trammell Crow Company represented the sellers in the transaction.

Granite Peak Partners is a full service real estate investment firm providing structured real estate investments and 1031 exchanges to qualified individual, agricultural and institutional investors. Target properties are in the $4 million to $40 million-price range primarily in the western United States. For more information, contact Gregory Yost at 310-821-1600 in Los Angeles or on the web at www.GranitePeakPartners.com.

# # #