The Small Space Marketplace

List Your Space

Find Space

Home About Us Executive Subscriber Membership RENTV Conferences Newsletter Contact Us Advertise
March 29, 2024
 Search RENTV
   Go!
 The REview
 News
News Home Page
Southern California
Northern California
Pacific Northwest
Texas/Southwest
Retail
Multifamily
Financing
Prop. Management
Archives
Press Releases
 R. E. Marketplace
Service Providers
JobWorks
Property Spotlight
 RENTV  Conferences
Subscriber Login:
  
Email      
    Go!
Password      
Forgot Password?



SAN DIEGO NEWS
Printer-friendly Version   Email an Associate
Medical Office Asset in Kearny Mesa Trades for $27.5 Mil

8/03/18

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.





Return to the Archive page


 


 


 
 
 



Home | About Us | Newsletter | Contact Us | Executive Subscriber Membership | Executive Subscriber Home | Advertise
Southern California | Northern California | Pacific Northwest | Southwest | Retail | Multifamily | Financing | Property Management
Archives | Press Releases | Service Providers | JobWorks | Property Listings

Copyright © 2024 by RENTV, All Rights Reserved
Website designed by Regency Web Services, Inc. and powered by Lightning Media