Why Drawbridge Capital is Spending Big Money in SD
Drawbridge Realty Trust just spent $61M for Spectrum Corporate Center, a three-building 183k SF Kearny Mesa campus fully leased to Northrop Grumman Systems Corp. That sales price—purchased from Real Estate Capital Partners and IVG Institutional Funds—represents an excess of $333.50/SF. Drawbridge's Chris Elmendorf says this buy fits the firm's profile of targeting Class-A properties in markets with "high barriers to entry," and specific to Spectrum, says it "allowed us to further expand our relationship with Northrop Grumman."
As we previously reported here, Drawbridge Realty Trust entered the San Diego market for the first time in 2013 with the purchase of three North County office properties. Cushman & Wakefield's Michael Roberts and Brunson Howard brokered the latest sale. It helps that Northrop Grumman, which already had a decade-long stint at Spectrum Corporate Center, inked a renewal last year.