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May 22, 2019
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Medical Office Asset in Kearny Mesa Trades for $27.5 Mil


Vista Investment Group has acquired Seville Plaza, a 140.1k sf office property in San Diego’s Kearny Mesa submarket. The property was purchased in an off-market deal worth $27.5 mil ($196/sf).

::img12139:Seville Plaza is a seven-acre office/medical campus located at 5469, 5471 and 5473 Kearny Villa Rd. It is comprised of three identical freestanding 48k sf, low-rise office buildings built in 1981. The property is 93% leased and is anchored by County of San Diego’s Health and Human Services division.

Recent renovations at Seville Plaza include updated lobbies, common areas and elevator cabs, and new signage. Common area amenities include outdoor meeting areas and is surfaced parked at an above market rate of 4:1000.

This is the second significant office investment for Vista in San Diego in the past 12 months. In September 2017, Vista acquired Plaza 2020, a 105.8k sf, Class A office building in Mission Valley.

“Kearny Mesa is a solid office market which benefits from single-digit vacancy and its location in the geographic center of San Diego County,” said Vista Investment Group President and co-founder Jonathan Barach. “It is a supply constrained market which has seen little to no new inventory added during this cycle. At our cost basis, Seville Plaza represented an excellent value add opportunity with strong current cash yields, enhanced by a credit anchor tenant.”

The property was sold by LLJ Ventures. The HFF team of Nick Frasco, Nick Psyllos and Taylor Bergthold helped facilitate the transaction. HFF’s debt placement team included Marc Schillinger and Ryan Ash.

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