X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

SAN DIEGO-CalMat has sold two office buildings in Mission Valley totaling more than 175,000 sf to the acquisition-hungry Shidler Group in a deal valued at $22 million.

The Orange County office of Cushman Realty Corp. handled the sale of Rio Vista Plaza, a 78,162-sf building at 8989 Rio San Diego Dr., and the adjacent Rio Vista Building, which is 97,500 sf. CalMat, a wholly-owned subsidiary of Vulcan Materials Co. and a leading producer of construction aggregates, asphalt and concrete, is getting out of the real estate business.

“CalMat is concentrating on the aggregate and concrete business, not real estate development,” says Peter Andrich, the senior director for Cushman who handled the transaction.

Hawaii-based Shidler has been very active in the San Diego market of late, buying up well over $150 million in office, industrial and hotel property since the beginning of the year.

The company bought two office buildings in Scripps Ranch from Burnham Pacific Properties Inc. for $5.6 million in a deal announced in August. A local Shidler unit, Westcore Industrial Properties, bought five separate business parks from San Diego Investment Property Group in a $38-million deal announced last month. The properties, in the Miramar, Sorrento Valley and Sorrento Mesa areas, have a combined size of 537,345 sf.

Shidler partner Marc Brutten formed Westcore to expand the firm’s industrial property business in the western United States. The Shidler Group was founded by real estate titan Jay Shidler, who also co-founded First Industrial Realty Trust Inc., a REIT that is one of the nation’s largest holders of industrial property.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. NET LEASE 2020Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.