San Diego Business Journal

Office Campus Housing Northrop Grumman Sold for $26 Million

By Lou Hirsh Wednesday, April 30, 2014
Photo courtesy of Cassidy Turley

Photo courtesy of Cassidy Turley

Drawbridge Acquisitions LLC of San Francisco has purchased a Rancho Bernardo office campus, fully leased to Northrop Grumman Corp., for approximately $26 million, according to brokerage company Cassidy Turley, which represented the seller.

The seller of the two-building, 188,072-square-foot property, at 16710 and 16750 Via Del Campo Court, was WAM Via Del Campo LP, in care of WAM Development Group of Edmonton, Alberta.

Northrop Grumman’s aerospace division has occupied both buildings since 2004 and has a long-term commitment to the area, said Rick Reeder, executive managing director in Cassidy Turley’s San Diego office.

Reeder noted that the defense contractor recently committed to occupy an additional 156,000 square feet in Rancho Bernardo, to accommodate future growth.

Reeder represented the seller with Cassidy Turley’s Brian Driscoll, and Drawbridge represented itself in the transaction. The Via Del Campo complex is on 11.8 acres near Interstate 15 and has 479 parking spaces in a three-level parking structure.

Drawbridge is a unit of Drawbridge Realty Trust, which in November purchased another Rancho Bernardo office building, housing Broadcom Corp., for $36.5 million, according to CoStar Group and public data.

In September, Drawbridge officials said the company acquired the Pacific View Corporate Center office building in Carlsbad, for $22.3 million.