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SAN DIEGO-In a move to add some downtown San Diego product to its portfolio, locally based investor The Shidler Group has picked up the high-rise Washington Mutual Tower from seller Somera Capital Management in a deal valued at $35 million.

The 18-story asset is located at 707 Broadway in the central business district of downtown San Diego, which The Shidler Group’s company officials see as an extremely desirable location. “The Shidler Group has been looking for an opportunity to invest downtown for quite a while,” says Matt Root, a partner with the firm. “This property allows us to take advantage of the explosive growth taking place, particularly in the vibrant East Village,” he explains, noting that next year’s opening of Petco Park “is expected to serve as an economic catalyst for downtown businesses.”

Built in the early 1960s, the high-rise Washington Mutual Tower encompasses 186,977 sf and features an adjacent 12-story garage that gives the property a parking ratio of 4.2 spaces per 1,000 sf of rentable office space. During Somera Capital Management’s ownership period, the asset was extensively rehabbed, with upgrades that included the replacement of the electrical wiring system and the removal of asbestos. Major tenants here include Washington Mutual Bank, the San Diego Public Library and SC Design Inc.

In the recent transaction, both Somera Capital Management and The Shidler Group were represented by Adam Edwards of Secured Capital Corp.

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