A National City office park has been sold for nearly $8.8 million.
Southport Office Park was sold by H.G. Fenton Company based in San Diego to Dan Floit, a San Diego investor.
The property includes eight buildings at 102, 132 and 202 Mile of Cars Way; 2403, 2435, 2425 and 2427 Hoover Ave., and 2405 Transportation Ave.
Representing the seller from Voit Real Estate Services were Michael Mossmer, a senior vice president, and Curt Perry, a vice president.
Representing the buyer from Voit Real Estate Services were Mark Caston, a senior vice president, and Spencer Kerrigan, a senior associate.
The sale represents continued strength in the sought-after South Bay submarket,” Mossmer said. “With 100 percent occupancy among a diverse roster of credit tenants, this asset delivers immediate stable cash flow as well as a tremendous opportunity for value creation.”
Floit said he planned “to invest into Southport in order to create a unique state-of-the-art office environment for our tenants.”
“We had been looking for something like Southport Office Park with good upside, but also healthy intrinsic value in the real estate,” Floit said. “The location directly off the I-5 freeway and across the freeway from the Naval Shipyards and NASSCO added to the desirability.”
Real estate reporter Ray Huard may be reached at firstname.lastname@example.org or 858-277-8904.