GE Real Estate and The Shidler Group have formed a joint venture to buy office and industrial properties in San Diego. The firms also have closed the venture's first deal.

The $61.9 million transaction consists of 14 research and development buildings, plus an office property located in the Sorrento Mesa area of San Diego. The properties are roughly 75% leased. The joint venture is purchasing the properties from Mullrock LLC.

"GE Real Estate's capital strength and industry expertise, combined with Shidler Group's San Diego market expertise and solid track record of enhancing, managing and leasing commercial properties will help us build a strong, diversified, industrial and office property portfolio in the recovering San Diego market," says Christian Garner, GE Real Estate’s western region manager. This joint venture and deal fits right into our new recovery strategy, to actively invest in markets and sub-markets that are set to fully recover over the next three to five years."