Vista Nabs San Diego Office Tower
- Oct 04, 2017
Vista Investment Group added a new asset to its office portfolio: Plaza 2020, a 10-story tower located in the Mission Valley submarket of San Diego. The property marks the company’s second acquisition in the area, following the purchase of an 80-unit community in La Mesa, Calif. Vista bought Plaza 2020 using a $16.6 million fixed-rate life company loan arranged by HFF.
“Mission Valley should see strong office demand in the coming years as a surge of residential and retail development is delivered into the sub-market. Plaza 2020 fits well within Vista’s strategy of owning well-located, middle-market assets below replacement cost, with strong upside potential,” said Vista President Jonathan Barach, in prepared remarks.
Attorney Andrew Kirsh of Sklar Kirsh represented Vista in this deal, while HFF Senior Director Marc Schillinger led the loan arrangements.
The new owner announced its plans to bring a series of upgrades to the office tower, targeting the lobby, common areas, restrooms and front entryway. The last time the property went through a makeover was in 2000, when the exterior façade was redesigned, the lobby and common areas were upgraded and the mechanical, electrical and plumbing systems were replaced.
The 1970-built asset is 95 percent leased by several tenants, including the University of Redlands and American Preferred Lending. Located at 2020 Camino del Rio North, it is adjacent to Interstate 8 and within walking distance from the Westfield Mission Valley Mall and Metropolitan Transit System’s Rio Vista Trolley Station, which provides access to downtown San Diego.
Image courtesy of Vista Investment Group