San Diego Business Journal

Mission Valley Office Tower Sold for $34M

Monday, January 9, 2012

Newport Beach-based Peregrine Realty Partners has purchased the Valley Corporate Center office building in Mission Valley for $34 million.

The seller was The Hearn Co. of Chicago, according to a Jan. 5 statement from brokerage firm CB Richard Ellis, which represented the buyer and seller.

The 12-story tower, with a total of 178,000 square feet, is located near the intersection of Interstate 8 and state Route 163. It is currently 85 percent leased, with a mix of tenants in industries including government and defense, professional and business services, and engineering.

The building is commonly referred to locally as the TD Ameritrade building, since the brokerage firm tenant’s signage sits prominently atop the tower.

Valley Corporate Center is the sixth acquisition by Peregrine Realty Partners in Southern California. It also owns Old Town Plaza, a 60,000-square-foot office building in San Diego, and three industrial parks in Carlsbad.

— Lou Hirsh