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Commercial Real Estate

DRA Buys 5 San Diego Office Buildings

June 18, 2002|From Bloomberg News

DRA Advisors Inc. bought five San Diego office buildings from Clarion Partners for about $80 million, the largest office property transaction in San Diego County this year.

The buildings are in four suburban locations, said Rick Putnam, a principal with Trammell Crow Co., which represented Clarion in the sale. The buildings contain a total of 477,756 square feet and are 93% occupied.

DRA was attracted to San Diego by a vacancy rate of 7.5%, the growth of biotechnology and defense-related companies and constraints on new supply, Putnam said. The vacancy rate nationally is almost 12%, according to CB Richard Ellis.

DRA, a New York-based investment advisory firm, purchased the buildings in partnership with Landmark Asset Management Group. Clarion is a pension fund advisor.

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