The U.S. joint venture (JV) of commercial real estate company IDS Real Estate Group and peer Lionstone Investments has bought a four-building Class A office portfolio in San Diego, California, for $76.8 million.
The JV, which acquired the office portfolio from U.S. construction services company McMillin Cos., also landed a $58.9 million, 72-month, floating-rate acquisition loan with Suntrust Bank for the properties.
The acquired properties are all within Liberty Station, a 361-acre mixed-use development on the site of the former Naval Training Center in the Point Loma neighborhood.
The properties, completed between 2003 and 2006, are 81.1 percent leased overall to a tenant roster including legal, professional and financial services, aerospace and defense, hospitality, government and media tenants.