Shopoff Realty Investments acquired 2650 Camino Del Rio North, a 71k SF Class-B office building in Mission Valley. Shopoff’s David Placek, head of the company’s income property division, tells us that the property has been undervalued and thus provides a rare value-add opportunity in the Mission Valley office market. The property is 75% occupied, and at a sale price of $156/SF, David notes that it’s below market comparables, which average nearly $200/SF. The new owner’s planning renovations to drive occupancy and rents.
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