A Kearny Mesa office building has been sold for $39.1 million.
Mesa View Plaza, 9350 Waxie Way, was acquired by a joint venture between Coast Income Properties and Washington Capital Management, Inc.
The seller was Stockbridge, a real estate investment management company headquartered in San Francisco.
Built in 2002 on a nearly 9.9 acre site, the five-story building has 111,268 square-feet of space in submarket where office vacancy rates have dropped below 10 percent.
Rick Reeder and Brad Tecca of Cushman & Wakefield’s Capital Markets group in San Diego brokered the deal.
“Mesa View Plaza is well-known as one of the finest Class A, multi-tenant office buildings in central San Diego. This acquisition will provide stable in-place cash flow and the ability to capitalize on rising rental rates in a submarket where the vacancy rate will decline to under 3 percent by the end of Q2 (second quarter) 2019,” Tecca said. “Strong and improving leasing fundamentals, including declining vacancy rates and strong tenant demand throughout all of San Diego County is attracting new and returning capital to the market where pricing levels are a relative discount to all other major West Coast markets.”
Real estate reporter Ray Huard may be reached at firstname.lastname@example.org or 858-277-8904.