Jeffrey C. Hines And Laura Hines-Pierce Acquire Office At 9305 Lightwave Avenue For $63.09M

The property asset involved in the transaction is an office and data center located at 9305 Lightwave Avenue in San Diego. The sale was completed for a total price of $63,090,000, and the building has a total square footage of 162,803. It is fully occupied and generates a net operating income of $4.84 million. Built in 1985 and renovated in 2022, this asset offers 9.1 MW of power and conferencing facilities, trading at a 7.67% cap rate while carrying a $37.13 million CMBS loan.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $63,090,000
• Square Footage: 162,803
• Address: 9305 Lightwave Avenue
• Market: San Diego
• Buyer: Jeffrey C. Hines & Laura Hines-Pierce - Hines
• Seller: Rick Magnuson - GI Partners
• Broker: Cushman & Wakefield
• PPSF: $388
• Cap Rate: 7.67%
• NOI: $4.84 million
• CMBS Loan Amount: $37.13 million

The key individuals involved in the transaction include the buyers, Jeffrey C. Hines and Laura Hines-Pierce, who are affiliated with Hines. The seller of the property is Rick Magnuson, representing GI Partners. The brokerage firm facilitating the sale is Cushman & Wakefield, providing their expertise in the transaction.