SAN DIEGO—Shopoff Realty Investments says ithas acquired a 71,450-square-foot office building in San Diego'sMission Valley, located at 2650 Camino DelRio North.
"This office property is well-located within the thriving MissionValley office market, which boasts a 92% office occupancy rate,"said William Shopoff, CEO of the Irvine-basedfirm. "An excellent value-add opportunity, we acquired this assetfor $156 per foot, which is well below marketcomparables which average nearly $200 per foot.Our strategy is to reposition the building through renovations andincreasing occupancy."
The three-story, class B-plus office building is located just offthe interchange of Interstates 805 and 8. Currently 75% leased,major tenants include Kaiser Foundation HealthPlans and U.S. Colleges.
Adjacent to DeVry University and the USPost Office, the building is approximately 1.4 miles fromFenton Marketplace, home to a variety of nationalretail stores, including Starbucks, IKEA, Costcoand USAA Financial Center.
"This office building has been undervalued in the marketplace andprovides a rare opportunity to transform a property in the popularMission Valley office market," said David Placek,head of Shopoff Realty Investment's Income Property Division. "Wehave already received a great deal of interest from potentialtenants."
Shopoff Realty Investments has a 22-year history of over 100programs and 430 investments, of which more than 400 have gone fullcycle with an average holding period of 2.7 years.