SAN DIEGO, CA-The Shidler Group has netted $24.3 million with the sale of its Valley Corporate Center office property in Mission Valley to NSD Venture.
The building, formerly known as the Mission Valley Financial Center, dates back to 1972. In September 1993, John Mutual Life Insurance Co. acquired the facility through foreclosure and then proceeded to invest $2.7 million in upgrades to the property. The Shidler Group finally snatched up the building from John Mutual in June 1999 for $15.5 million and remained as the owner up until the recent sale.
Encompassing 171,039 sf, the 12-story building stands on a 3.69-acre parcel at 591 Camino de la Reina. Tenants here include Blue Shield of California, First Command, Progressive Inc. and Bob Baker Enterprise.
The Shidler Group was represented in-house. Steve Rowland of BRE Commercial/NAIrepresented the buyer, NSD Venture with principle Henry A. Gotthelf.