Office Building Trades for $16.2 Mil

SAN DIEGO-The Shidler Group has sold a 72,500-sf office building at 5505 Morehouse Drive in Sorrento Mesa for $16.2 million. L&B Depp Morehouse, Inc., an affiliate of Dallas-based L&B Realty Advisors Inc., bought the building in a cash deal. Shidler purchased the building in January for $11.5 million from Maintenance Warehouse Inc., a wholly owned subsidiary of Home Depot.

The three-story property, built in 1986, consists of two wings connected by a common entry. It is occupied by Texas Instruments, which signed a seven-year lease valued at about $14.6 million at the time the building was purchased by Shidler.

“The appreciation in the value of this building demonstrates that the demand for high-quality occupied office properties remains strong,” says Matt Root, a Shidler partner.

Bret Gossett, Nick Psyllos, Tyson Moffatt and John Gross of CB Richard Ellis represented the Shidler in the transaction. Stan Tomer and Pat Kane of CB Richard Ellis negotiated for L&B Realty.

Shidler owns a large and growing portfolio of commercial real estate investments in California, Arizona, Texas and Hawaii.