San Diego, CA (PRWEB) August 7, 2006
Equastone (http://www.equastone.com) has announced the sale of 15330 Avenue of Science, a 74,632 square foot office/research and development building located in the Carmel Mountain Ranch area of San Diego, CA, for $11 million. An Equastone affiliate acquired the property in July 1996 for $4.7 million and the investment generated a return of approximately 33% per year to Equastone investors. The buyer was Qualitybuilt.com, a construction risk management company. Chris Pascale of CB Richard Ellis represented Equastone in the sale and Jay Alexander of Colliers represented the buyer.
Equastone is a real estate investment firm specializing in acquiring and adding value to underperforming office and industrial properties in growth and recovery markets in the United States. Equastone invests private capital on behalf of Equastone Real Estate Funds and institutional investors.
Equastone Chairman David Bourne described the sale as highly opportunistic. He said, “at the time of sale, the Avenue of Science building was 100% vacant with extensive clean room and assembly facilities that had become obsolete due to the outsourcing of such activities to overseas markets and other parts of the U.S. Although we originally planned to redevelop the building into a Class A office facility, by selling to a user “as-is” we avoided construction and lease-up risk and maximized the overall return to investors.”
Equastone currently owns and operates properties in California, Arizona, Colorado, Nevada and Texas. The firm intends to invest $500 million in 2006 and is seeking investment opportunities in new markets including Oregon, Washington, Utah and New Mexico. Investment offerings should be directed to John Locke at jlocke @ equastone.com and Chris Stai at cstai @ equastone.com.
Equastone invests in and operates commercial real estate on behalf of Equastone Real Estate Funds. Equastone and its affiliates currently have offices in San Diego, CA; Denver, CO; and Houston, TX. For more information about Equastone and Equastone Real Estate Funds, call Mykel Sprinkles at 858/812-3261 or visit http://www.equastone.com.
Equastone/Equastone Real Estate Funds
E: lwalsh @ equastone.com
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