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Vista Investment Group has bought Plaza 2020 from TA Realty for nearly $25M.
The 106K SF Class-A office building in Mission Valley sits on 3.16 acres at 2020 Camino del Rio North. It is next to Interstate 8 and within walking distance of Westfield Mission Valley Mall and the Rio Vista Trolley Station, providing access to Downtown San Diego and other transit options.
“Mission Valley should see strong office demand in the coming years as a surge of residential and retail development is delivered into the submarket," Vista President Jonathan Barach said in a statement. "Plaza 2020 fits well within Vista’s strategy of owning well-located middle-market assets, below replacement cost, with strong upside potential.”
Built in 1970, Plaza 2020 underwent an extensive renovation in 2000. The 10-story office tower has more than 10K SF of ground-floor retail. It was 95% leased at the time of the sale with major tenants including University of Redlands and American Preferred Lending. The purchase offered a 7.8% cap rate on in-place income.
Vista plans to make improvements to the building's lobby, common areas, restrooms and front entry.
Vista received a $16.6M fixed-rate life company loan for the purchase arranged by HFF, and led by HFF Senior Director Marc Schillinger. HFF's investment sales team of Nich Psyllos, Ryan Gallagher, Kara Mathis and Taylor Bergthold marketed the property for sale on behalf of TA Realty and secured the buyer. Sklar Kirsh attorney Andrew Kirsh represented Vista in the transaction.
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