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March 23, 2019
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Coast Income Properties and Washington Capital Management Inc Spend $39 Mil on San Diego Office Building

3/01/19

Mesa View Plaza, a 111.3k sf, Class A mid-rise office building in the Kearny Mesa area of San Diego, California has sold for $39.1 mil ($351/sf). A joint venture between San Diego-based Coast Income Properties and Washington Capital Management Inc. acquired the five-story, multi-tenant building from Stockbridge.

Located at 9350 Waxie Way, Mesa View Plaza is situated on 9.87 acres and features efficient floor plates and a well-appointed lobby, tenant balconies, and subterranean parking with direct building access. The building also provides direct access and visibility to Hwy 52, San Diego’s main east/west arterial linking coastal and inland residential communities.

Designed by famed architect Brian Paul & Associates and completed in 2003, Mesa View Plaza is considered one of suburban San Diego’s finest Class A multi-tenant office buildings. The property was 100% leased at the time of sale to a strong mix of professional services and tech companies, but with the anticipation of being 91% leased within a short time following the sale.

Rick Reeder and Brad Tecca of Cushman & Wakefield’s Capital Markets group in San Diego represented the seller.

“Mesa View Plaza is well-known as one of the finest Class A, multi-tenant office buildings in central San Diego,” noted Tecca. “This acquisition will provide stable in-place cash flow and the ability to capitalize on rising rental rates in a submarket where the vacancy rate will decline to under 3% by the end of Q2 2019. Strong and improving leasing fundamentals, including declining vacancy rates and strong tenant demand throughout all of San Diego County, is attracting new and returning capital to the market where pricing levels are a relative discount to all other major west coast markets.

Mesa View Plaza was 100% leased at the time of sale to a strong mix of professional services and tech companies, but with the anticipation of being 91% leased within a short time following the sale.

According to Cushman & Wakefield’s latest office market report, Kearny Mesa had a single-digit direct office vacancy of 9.4% as of year-end 2018, posting below both the Central County as well as San Diego Countywide direct averages, both at 11.4% overall.





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