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SAN DIEGO-While leasing in the local office market remains in recovery mode, the office investment market continues to pick up steam as another building changes hands. The latest property to move is Rio Vista Plaza III, a 79,744-sf class A facility in the Mission Valley area, which sold for $22.7 million or roughly $2.85 per sf.A limited liability company on behalf of Delaware-based BlackRock Realty Advisors Inc. acquired the property from Rio Courtyard LLC, which is headed by Griffin Properties. The Muller Co. assisted in the acquisition for the buyer and will provide management services. Mark McEwen of Colliers International, who brokered the deal, tells Globest.com that BlackRock plans a long-term hold. “They’re an institutional investor who favors the long-term play,” McEwen says. “They paid all cash for it and will hold for 10 years.”As for the seller, Griffin had the money in a trust, according to McEwen. “They will not be doing an exchange.”The four-story building, which was just completed and is vacant, sits on 3.86 acres. It is one of three buildings in the 187,604-sf Rio Vista Plaza office park. Grubb & Ellis/BRE Commercial is being retained to market the project for lease, and is looking at various options, including leasing deals ranging from 5,000 sf to a single tenant filling the building.The fact that the property is empty does not faze BlackRock, according to McEwen. “They’re a patient investor and like the opportunities with the property,” he says, adding that the project has a Marriott nearby and over a million sf of retail within a few blocks.Rio Vista Plaza sits along the San Diego River, West of Interstate 805. The property is also adjacent to the San Diego Trolley line.

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