|
|
10/04/17
|
Vista Investment Group has acquired Plaza 2020, a 105.8k sf, Class A office building in San Diego’s Mission Valley. Although a value was not given out, an industry source we spoke with estimates the deal had a price tag around $25 mil ($236/sf).
Plaza 2020 is situated on a 3.16-acre site at 2020 Camino del Rio North, adjacent to I-8, with immediate access to SR-163. It is also within walking distance to the Westfield Mission Valley Mall and to Metropolitan Transit System’s Rio Vista Trolley Station, providing access to Downtown San Diego, Amtrak and the Coaster commuter train. One of the city’s more important retail and entertainment districts, Mission Valley is benefiting from more than $3 bil of recent and planned investment in commercial office, retail and residential development.
Built in 1970, Plaza 2020 was extensively renovated in 2000, with a complete redesign of the exterior façade, upgraded lobby and common areas along with new mechanical, electrical and plumbing systems. The 10-story office tower also features more than 10k sf of tenant-serving ground floor retail.
The building was about 95% leased at closing and offered a 7.8% cap rate on in-place income. Major office tenants at Plaza 2020 include the University of Redlands and American Preferred Lending both of which occupy full floors.
“Mission Valley should see strong office demand in the coming years as a surge of residential and retail development is delivered into the sub-market. Plaza 2020 fits well within Vista’s strategy of owning well-located middle market assets, below replacement cost, with strong upside potential,” said Vista President Jonathan Barach.
Vista plans to make improvements to the building’s lobby, common areas, restrooms, and front entryway in order to attract high quality tenants and compete more closely with Class A product within the submarket. The property represents Vista’s second significant investment in San Diego since entering the market in January, when it acquired an 80-unit apartment community in La Mesa for $19 mil.
The acquisition of Plaza 2020 was financed with a $16.6 mil, fixed-rate life company loan arranged by Holliday Fenoglio Fowler, L.P. (HFF), led by Marc Schillinger in the firm’s Los Angeles office. HFF’s Nick Frasco, Nick Psyllos, Ryan Gallgher, Kara Mathis and Taylor Bergthold marketed the property for sale on behalf of the seller and secured the buyer. Attorney Andrew Kirsh, of the Los Angeles-based law firm Sklar Kirsh, represented Vista Investment Group in the transaction.
|
|
 Return to the Archive page
|
|
|
|
|
Printer-friendly Version
Email an Associate
