Vista Investment Group Snags $28M San Diego Office Park
- Aug 03, 2018
Vista Investment Group has purchased Seville Plaza, a 140,107-square-foot medical office campus in Kearny Mesa, a San Diego submarket. The property changed hands for $27.5 million, in an off-market transaction that HFF brokered. LLJ Ventures sold the 1981-built property.
The campus consists of three identical 48,000-square-foot, low-rise office buildings. Located at 5469, 5471 and 5473 Kearny Villa Road, the properties spread across a 7-acre site. Recently renovated, Seville Plaza includes updated lobbies, common areas, elevator cabs and new signage. At the time of the sale, the asset was almost fully leased, with County of San Diego’s Health and Human Services division anchoring the property.
“Kearny Mesa is a solid office market which benefits from single-digit vacancy and its location in the geographic center of San Diego County,” said Jonathan Barach, president & co-founder of Vista Investment Group, in prepared remarks. “It is a supply-constrained market which has seen little to no new inventory added during this cycle. At our cost basis, Seville Plaza represented an excellent value-add opportunity with strong current cash yields, enhanced by a credit anchor tenant.”
HFF Senior Director Nick Frasco, Senior Managing Director Nick Psyllos and Analyst Taylor Bergthold worked on behalf of both the seller and the buyer. The company’s debt-placement team included Managing Director Marc Schillinger and Associate Ryan Ash.
Image courtesy of Vista Investment Group