Why Drawbridge Capital is Spending Big Money in SD
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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."
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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.