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Tuesday, Apr 23, 2024
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Mission Valley Office Buildings Sold for Nearly $18M

 A Mission Valley office campus with two buildings has been sold for nearly $18 million.M.C. Straus Company acquired Center Point, Mission Valley, 3110 -3160 Camino Del Rio South from City Corp.

Totaling 79,215 square feet, the two buildings were 91.2% leased at the time of sale.

Cushman & Wakefield’s Rick Reeder and Brad Tecca of the firm’s Capital Markets in San Diego represented both the buyer and seller in the transaction.

 Derek Applbaum with Colliers International provided leasing advisory.

“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% over the past decade,” said Reeder, executive managing director. “The campus has a diverse rent roll of quality tenants that is led by a strong anchor tenant.”

Reeder said that City Group “had purposely redesigned substantially every suite with features that limit 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,” Reeder said.

Daniel Weiss, COO of M.C. Strauss Company, said that Mission Valley is “a dynamic submarket with a bright future due to the many redevelopment projects underway.”

“This transaction was the culmination of multiple 1031 exchanges, and we are thrilled to reinvest in our hometown. We believe in Mission Valley as sai a dynamic submarket with a bright future due to the many redevelopment projects underway.”

 “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,” Weiss said.

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