MIG Real Estate Sells San Diego Office Park for $15M
- Apr 29, 2020
MIG Real Estate has sold the 72,803-square-foot Viewridge Business Park in San Diego to Dollinger Properties for $15.3 million. Public records show Wells Fargo Bank originated $10.1 million in acquisition financing for the new owner. According to Scott Athearn, principal at Dollinger, the sale marks the fourth purchase in the metro in the past 18 months.
Located at 4711, 4715 and 4719 Viewridge Ave. within the Kearny Mesa submarket, the asset is adjacent to Interstate 15 and roughly 12 miles from downtown San Diego. Completed in phases in 1982 and 1985, the three two-story buildings occupy a 3.7-acre site. The property received $2.5 million in capital improvements during the past four years. According to JLL information, the asset was 93 percent leased at the time of sale.
The JLL Capital Markets team of Managing Directors Bob Prendergast and Lynn LaChapelle and Senior Director Sach Kirpalani worked on behalf of the seller. Recently, the brokerage firm advised Dart Interests in inking a full-building lease at Scripps Northbridge Corporate Center in San Diego.