Cushman & Wakefield has brokered the sale of Center Point, Mission Valley, a 79,215 SF Class A multi-tenant office campus totaling in San Diego, California for US $17.96 million.
The two-building campus is located at 3110-3160 Camino Del Rio South in the Mission Valley submarket and was 91.2 per cent leased at the time of the sale. The asset was acquired by San Diego-based M.C. Strauss Company from seller, City Group.
Rick Reeder, Cushman & Wakefield Executive Managing Director and Brad Tecca who is Managing Director of the firm’s Capital Markets group in San Diego, represented both the buyer and seller in the transaction. Derek Applbaum from Colliers provided leasing advisory.
Reeder comments: “Center Point, Mission Valley is a high quality, centrally located suburban coastal asset that has enjoyed continuous occupancy stability during all phases of the real estate cycle, posting an impressive year-end average occupancy well above 90 per cent over the past decade.
“The campus has a diverse rent roll of quality tenants that is led by a strong anchor tenant.”
“City Group had purposely redesigned substantially every suite with features that limits ongoing tenant improvement costs, protecting cash flow and enhancing value, that made it even more attractive for the buyer. The property is well known as a leading option for the small to mid-size tenant that cluster within the Mission Valley submarket.”
“This transaction was the culmination of multiple 1031 exchanges, and we are thrilled to reinvest in our hometown.
“We believe in Mission Valley as a dynamic submarket with a bright future due to the many redevelopment projects underway,” adds Daniel Weiss, CCIM, Chief Operating Officer, M.C. Strauss Company. “Center Point provided us with a unique opportunity to acquire a stabilized asset in a location near and dear to our principal, Matthew Strauss, who grew up in Kensington, attended Hoover High School, graduated San Diego State University, and raised his family in Del Cerro. The property fits nicely in our local portfolio, which we are actively looking to grow.”
Tecca adds: “Historically one of the best performing office submarkets in San Diego County, the revitalization of Mission Valley is fully underway and includes new cutting edge mixed-use residential, retail and amenity developments that will further enhance the location’s appeal and amenity base for residents and employees alike.”
Center Point, Mission Valley is situated on ±4.05 acres at the southeast corner of Camino Del Rio South and Mission City Pkwy. The asset consists of two (3)-story buildings and a surface parking lot. The property is highly visible and easily accessible from Interstate 8 (Mission Valley Freeway) near the Interstate 805 interchange. The property is convenient to all major San Diego freeways, public transportation and numerous amenities.