Betting on Kearny Mesa
San Diego’s office market has been a little slow on the uptake (at least compared with the likes of LA and San Francisco), but MIG Real Estate’s Greg Merage tells us the sluggishness is over, especially in submarkets with rising fundamentals, such as Kearny Mesa. Recently the OC-based investor acquired its eighth San Diego office property, Viewridge Business Park, a 72k SF complex in Kearny Mesa.
Considering its location in a submarket with rising demand, Greg says the property’s value-add nature offers strong upside potential. The property is currently 82% leased with tenants including Coastal Credit, Yardi and Vericare. JLL’s Bob Prendergast and Lynn LaChapelle repped the seller in the transaction and MIG Real Estate represented itself.