JLL Continues Leasing Spree at Mission Center
- Apr 28, 2017
By Razvan Cimpean
Azusa Pacific University negotiated a lease expansion and extension for 48,000 square feet of office space at Mission Center Office Park in San Diego. JLL’s Richard Gonor, Tony Russell and Brandt Riedman represented the owner, Kearny Real Estate, in this and other recent leases at Mission Center. Greg Nassir and Scott Kincaid of CBRE represented Azusa Pacific University.
The three-building, 183,692-square-foot property is located at 5333 and 5353 Mission Center Road, within walking distance of San Diego Mission Valley Center Light Rail Station. The Class B asset offers 660 parking spots and has 10,000 square feet of available space. The owners created new building entry points with updated lobbies, upgraded the landscape, the elevator cabs and added a new gym as part of a $3.5 million renovation plan.
According to Yardi Matrix, Kearny Real Estate acquired the property in 2015 from TA Associates Realty for $29.2 million. At the time of the transaction, the buyer signed a $31.2 million bridge loan with Wells Fargo Bank that will mature in September 2018. Tenants at Mission Center include Mission Valley Medical Clinic, California Department of Public Health and California Employment Development Department.
“Our recent leasing success is a testament to the areas demand for well-located quality properties with highly desirable amenities,” said Gonor in a prepared statement. “Mission Center is ideal for companies looking for fresh, new workspace in the vibrant Mission Valley submarket.”
Over the past 12 months, JLL’s Gonor, Russell and Riedman closed leases with 10 tenants, totaling more than 80,000 square feet, at the office park.
Image courtesy of Yardi Matrix