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4/15/08
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A two-building, 77k sf office project in San Diego’s Mission Valley was purchased by Zuma Corporation for $15.9 mil, or $206/sf. The property, CenterPoint Mission Valley, was built in 1982 and is located at 3110 and 3160 Camino Del Rio South, just south of I-8 between I-805 and I-15.
“CenterPoint’s central location in Mission Valley and accessibility to Interstates 8 and 805 make it a perfect fit for tenants looking for office space within range of all destinations of the county,” said Barry Mahlberg of Cushman & Wakefield. “Further, the project’s consistent ability to lease space over the past 20 years, coupled with the still low Mission Valley vacancy, makes this a preferred investment opportunity with tremendous upside potential.”
In the transaction, Mahlberg and C&W colleague Derek Applbaum represented both the buyer and the seller, Hampshire Investments LLC.
Zuma Corporation plans to hold CenterPoint Mission Valley as an investment. The company intends to complete a common area remodel and to place an onsite leasing manager at CenterPoint in order to maximize tenant satisfaction and retention. Noteworthy tenants of the three-story office project include Employment Development Department and General Mortgage Corporation.
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