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4/13/21
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Anchor Health Properties has purchased Rio Vista Plaza, an 81.2k sf, multi-tenant office building in San Diego’s Mission Valley submarket, for $25.3 mil ($312/sf). The buyer plans to reposition the property as a medical office building.
Located at 9095 Rio San Diego Dr, the Class A property was 81% leased at the time of sale. Completed in 2005, the steel frame, stone-clad office building features on-site showers and lockers, ample parking, and excellent freeway visibility. The four-story building has immediate access to I-805 and I-8, connecting Mission Valley to the rest of San Diego County.
Louay Alsadek, Hunter Rowe and Maddie Mawby of CBRE represented the seller, an undisclosed institutional investor, in the transaction. CBRE’s Lars Eisenhauer and Dan Henry, who specialize in medical office in San Diego, served as the local market leasing experts in the transaction and will be taking over the leasing assignment for Virginia-based Anchor Health Properties.
Zack Holderman and Sabrina Solomiany of CBRE’s Debt & Structured Finance platform for U.S. Healthcare & Capital Markets arranged the acquisition loan on behalf of the buyer.
“Rio Vista Plaza is a quality asset that is strategically located in one of San Diego’s most central and fastest-growing submarkets,” said Rowe. “Mission Valley has been undergoing extraordinary growth in the multifamily segment, fueled in part by the update to the Mission Valley Community Plan in 2019, with numerous significant projects recently completed, currently under construction or in the development pipeline.”
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