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4/17/08
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In today’s market, small businesses and investors can still take advantage of great values in the purchase of small office condo units, particularly while interest rates remain very low. In the San Diego area of Mission Valley, four units just traded hands at Hillside Professional Center, a 30-unit, 41.5k sf medical/office project built by Voit Development at 2221 Camino del Rio South, just south of I-8 and west of I-805.
Hillside Professional Center |
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The units traded in two transactions with a combined price tag of $1.8 mil. Jon Boland and Ryan Bracker of Voit Commercial Brokerage's San Diego office represented the seller, Voit Development Company, in both deals.
"There is a limited supply of office condominiums and small buildings available for sale in Mission Valley," explained Boland, Vice President of Voit. "Hillside Professional Center offers high-quality office condo units with excellent views and close to many major freeways and interstates in San Diego."
In the larger buy, Permanent Value Inc, a financial planning firm, acquired three contiguous units totaling 3.7k sf on the third floor of Hillside Professional Center for $1.4 mil ($378/sf). They were repped by Jerry Johnson of Sperry Van Ness.
In the other deal, Heavenly Touch Day Spa Inc acquired a 1k sf unit for $360k ($360/sf). Alvars Grins of Creative Real Estate took care of negotiations for Heavenly Touch Day Spa.
The 30 units at Hillside Professional Center range in size from 959 sf to 2k sf with the ability to combine the units up to 21.7k sf. The project is in close proximity to Interstate 5, 8, 805 and 15 and Highway 163, as well as numerous adjacent retail projects. It was completed in July 2007.
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