Stockbridge Sells San Diego Office Asset for $39M
- Mar 04, 2019
A joint venture between Coast Income Properties and Washington Capital Management has acquired Mesas View Plaza, a Class A office building in San Diego’s Kearny Mesa neighborhood, for $39.1 million.
Located at 9350 Waxie Way, the property comprises 111,268 square feet across five stories. Mesa View Plaza was 100 percent leased to multiple tenants at the time of sale. Situated on 9.9 acres, the building offers efficient floor plates, tenant balconies, well-appointed lobby and parking with direct access to the asset. The property is within close proximity to Highway 52, San Diego’s main east/west thoroughfare linking coastal and inland neighborhoods. Brian Paul & Associates designed Mesa View Plaza, which was completed in 2003.
Cushman & Wakefield’s Rick Reeder and Brad Tecca represented the seller, Stockbridge, in the transaction. The same team represented Shorenstein Partners in acquiring Sorrento Towers North & South, two Class A office properties in San Diego, last October.
“Mesa View Plaza is well-known as one of the finest Class A, multi-tenant office buildings in central San Diego,” Tecca said in a prepared statement. “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 the second quarter. 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.”
Image courtesy of Cushman & Wakefield