Menlo Equities Purchases 103,000 SQFT Office Asset in North San Diego for $37MM

San Diego, Kilroy, Sabre Springs, Sabre Springs Park, Black Mountain Open Space Park, The Exchange on 16th, San Francisco, LBA Realty, General Atomics Aeronautical

By Catherine Sweeney 

Kilroy Realty, a Los Angeles-based real estate investment and development company, is continuing to make moves in Southern California. Most recently, the company announced its sale of its Sabre Springs office development in North San Diego. According to the company, the 103,000 square foot office campus sold in December for $37 million, or approximately $359 per square foot. The buyer in the transaction was Menlo Equities, according to Newmark, which arranged the sale.

Located at 13280-13290 Evening Creek Drive North, the Sabre Springs office asset spans two buildings and reaches two stories. The office asset also houses various amenities, including landscaped outdoor spaces, flexible interiors, a state-of-the-art lobby and access to nearby retail in Sabre Springs and Carmel Ranch. 

The property is located  just off Interstate 15 and State Road 56. The property is also near a variety of dining, retail and access to the outdoors through bike paths, trails and parks, like Sabre Springs Park or Black Mountain Open Space Park. The Sabre Springs neighborhood is also home to several other commercial properties, including an Alexandria Real Estate-owned office building occupied by LabCorp. General Atomics Aeronautical also occupies space nearby. 

The sale was announced in a recent financial statement from Kilroy. According to the company, the disposition was the most recent of more than $2 billion in acquisition and disposition transactions completed by the company throughout the course of 2021. In March, the company also sold a newly constructed, 750,000 square-foot office campus at 1800 Owens Street in San Francisco. Referred to as the Exchange on 16th, the property sold for $1.08 billion. 

As of September, Kilroy’s portfolio totaled approximately 15.2 million square feet of office and life science space. The company also had more than 1,000 residential units throughout San Diego and Hollywood.