Two Parcels in Lennar's San Diego Spectrum Project Bring $33 Mil

SAN DIEGO-Lennar Partners has sold two properties totaling more than $33 million in its San Diego Spectrum project. Exxon Mobil Corp. has purchased a parcel of land located at the southwestern corner of Clairmont Mesa Boulevard and Overland Drive for $3.05 million. In addition, Sunroad Enterprises has bought land located at Kearny Villa Road for $30.2 million. Exxon Mobil will build a gas station on its parcel, Sunroad plans to use the space for office development.

This project is part of the master-planned Spectrum, which consists of about 230 acres of office, R&D, hospitality and residential development. The site has direct visibility from Interstate 163.

Mike Moser and Jon Bilger of CB Richard Ellis’ San Diego Central office represented the seller, LNR Kearny Mesa Inc., and the purchasers, Exxon Mobil Corp. and Sunroad Enterprises, in the transactions.

Lennar Partners is a subsidiary of Miami-based LNR Property Corp., a national leader in the development, management and financing of commercial real estate assets. LNR Property Corp. has offices in Miami, Irvine, Atlanta, Portland, San Diego, the San Francisco Bay Area, Salt Lake City and Tokyo.

The company holds assets of $1.8 billion, with current real estate projects comprising more than six-million sf of office, industrial/warehouse and retail space; 1,300 hotel rooms; and 12,600 apartment units throughout the United States.