DRAWBRIDGE ACQUIRES 3 BUILDINGS LEASED TO NORTHROP GRUMMAN
San Diego, CA - May 13th, 2015 - Drawbridge Realty has acquired the 3-building Spectrum Corporate Center Campus in San Diego, CA for $61 million. The campus totals 182,870 sq ft on 9.88 acres and is comprised of two, 2-story office buildings (44,550 sq ft and 66,050 sq ft) joined by a dramatic atrium lobby and a 3-story office building (66,495 sq ft). The project is 100% NNN leased to Northrop Grumman Systems Corporation, a wholly owned subsidiary of Northrop Grumman Corporation (NYSE: NOC). The site is well located within the thriving Kearny Mesa submarket of San Diego which is a preferred location for corporate occupiers given its central location and freeway access.
"Drawbridge continues to focus on acquiring Class A corporate campus investments in preferred locations that feature high barriers to entry. This acquisition not only met all of our acquisition criteria but allowed us to further expand our relationship with Northrop Grumman," said Chris Elmendorf, Vice President of Investments for Drawbridge Realty.
The Seller, Real Estate Capital Partners and IVG Institutional Funds, were represented by Michael Roberts and Brunson Howard of Cushman & Wakefield.