SAN DIEGO-GlobeSt.com learns that Peregrine Realty Partners, a real estate investment and advisory firm headquartered in Newport Beach, CA, has paid $34 million for Valley Corporate Center. Valley Corporate Center is the sixth acquisition by Peregrine Realty Partners in Southern California this year, including Old Town Plaza, a 60,000-square-foot office building in San Diego, and three industrial parks in Carlsbad.
The 178,000-square-foot multi-tenant office building located at the intersection of Interstates 8 and 163 is in San Diego’s Mission Valley submarket. The 12-story tower has excellent freeway frontage and is commonly known as the TD Ameritrade building due to the brokerage company’s prominent building-top signage, according to Peregrine.
Currently 85% leased, Valley Corporate Center contains “a desirable mix of national and local tenants in the government and defense, professional and business services, administrative and engineering industries.” Ryan Smith, principal at Peregrine, tells GlobeSt.com that the purchase is “an excellent opportunity to own a high quality asset with excellent in-place cash flow and upside potential in a strengthening market.”
The seller was represented by both Louay Alsadek and Evan August of CBRE, and Phil Marino, vice president of the western region of Transwestern. Smith tells GlobeSt.com that the seller was the Hearn Co.
The Mission Valley submarket is centrally located, with convenient access to executive and employee housing, all major San Diego freeways, the San Diego International Airport, and numerous lifestyle amenities including beaches and coastal recreational areas, as well as numerous hotels, retail, cultural and entertainment options.
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