Regent Properties has acquired a portfolio of four high-rise commercial office buildings located in downtown San Diego, for $420 million.
Regent Properties, a real estate development and investment management firm based in Los Angeles, California, said this acquisition is its first investment via Regent Opportunity Fund V.
The properties, 1 Columbia Place, 701 B Street, 2 Columbia Place, and 707 Broadway, represent a combined total of 1.5 million square feet of commercial space, or approximately 16 percent of all Class A/B office inventory in downtown San Diego.
The transaction reflects a price of $281 per square foot, said the company. The portfolio also includes the 6th & A Parking Garage.
“We are pleased to have acquired this portfolio of assets in such a supply constrained metropolitan area and look forward to being an integral part of the city’s thriving central business district,” said Eric Fleiss, CEO of Regent Properties.
“With this investment, Regent is continuing its push to acquire high-quality office projects across the Sunbelt. We are seeking to purchase over $2 billion of assets over the next 24 months,” he added.