PRAEDIUM GROUP AND THE SHIDLER GROUP SELL OLD GROVE CORPORATE CENTER IN SAN DIEGO FOR $8 MILLION
September 2, 2003-New York and San Diego, CA--The Praedium Group LLC, a New York City-based national real estate investment firm, and San Diego-based The Shidler Group announced today the sale of Old Grove Corporate Center in San Diego to Avoni, L.P. for $8 million, or $105 per square foot.
The 76,190 square foot office/R&D property, also known as 9900 Old Grove Road, is well located in the San Diego submarket of Scripps Ranch and features freeway signage visibility and an above average parking count. The entire building was remodeled in 1994 and $1.4 million was spent on improvements last year.
The Shidler Group was represented by Larry Jackel of CB Richard Ellis. The buyer, Avoni, L.P., was represented by Dave Marino of Irving Hughes.
Christopher Hughes, Praedium Group principal said, "We invested in this office/R&D building due to its highly visible location off of I-15 within Scripps Ranch, among the most desirable locations within the San Diego metro area. Initially, our plan was to lease-up the property. However an owner-user emerged who was very interested in the building, and we decided to pursue the transaction."
Separately, Praedium also recently partnered with The Shidler Group to purchase a two-story Class "A" flex office building totaling 85,090 square feet in the Rancho Bernardo submarket of San Diego for a price of $11 million or $129 per square foot.
The Shidler Group is a national real estate organization that actively acquires commercial real estate for its own account. It currently owns and operates over 6 million square feet of commercial property throughout Texas, Arizona, Hawaii and Southern California. Since its founding in 1972, The Shidler Group and its affiliates have facilitated the acquisition of over 130 million square feet of commercial property.
The Praedium Group is a real estate investor focusing on underperforming and undervalued assets throughout North America, with more than $2 billion in total investments to date. Praedium was formed in 1991 with a leading international investment bank as its sole investor.
Building on the experience and exposure gained through this original investment program, Praedium has been a sponsor of commingled real estate private equity funds since 1994. The funds sponsored by Praedium have attracted investors that include public and corporate pension funds, financial institutions, insurance companies and endowments.
Praedium is currently investing in its most recent $465 million real estate private equity fund, Praedium Fund V. This equity will be leveraged to acquire $1.5 billion in properties. The fund will invest in mid-cap assets throughout the United States and Canada in the $10 to $70 million range, targeting multi-family, office, retail and industrial property types. For more information please see www.praediumgroup.com.
