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Kilroy Real Estate Investment Trust has bought a San Diego office development for $98 million. The seller was Atlanta-based VEF Advisors LLC, an affiliate of private equity firm Apollo Real Estate Advisors. The 93% leased Legacy Sabre Springs office property was completed in 2002.
The Legacy Sabre Springs complex is located in the Scripps Ranch/Sabre Springs submarket of San Diego. The complex consists of two phases: Phase I (already built) features two six-story office buildings with 282,000 sq. ft. of space. Phase II is a four-acre parcel of land that will developed into another six-story office building. This project will consists of 141,000 sq. ft..
