Seville Plaza is Vista’s Second Major Office Investment in San Diego County in Past 12 Months
San Diego, CA (August 1, 2018) Vista Investment Group (Vista) has acquired the 140,107-square-foot Seville Plaza in the San Diego sub-market of Kearny Mesa, in an off-market transaction for $27.5 million.
This is the second significant office investment for Vista in San Diego in the past 12 months. In September 2017, Vista acquired Plaza 2020, a 105,796-square-foot Class A office building in Mission Valley.
Seville Plaza is a seven-acre office/medical campus located at 5469, 5471 and 5473 Kearny Villa Road. It is comprised of three identical freestanding 48,000-square-foot, low-rise office buildings built in 1981. Recent renovations include updated lobbies, common areas and elevator cabs, and new signage. Common area amenities include outdoor meeting areas and is surfaced parked at an above market rate of 4:1000.
“Kearny Mesa is a solid office market which benefits from single-digit vacancy and its location in the geographic center of San Diego County,” said Vista Investment Group President and co-founder Jonathan Barach. “It is a supply constrained market which has seen little to no new inventory added during this cycle. At our cost basis, Seville Plaza represented an excellent value add opportunity with strong current cash yields, enhanced by a credit anchor tenant.”
Vista’s previous relationship with both the seller, LLJ Ventures, and the broker HFF helped facilitate the off-market transaction. The HFF investment advisory team included senior director Nick Frasco, senior managing director Nick Psyllos and analyst Taylor Bergthold. HFF’s debt placement team included managing director Marc Schillinger and associate Ryan Ash.
Seville Plaza is 93 percent leased and is anchored by County of San Diego’s Health and Human Services division. The acquisition increases Vista’s San Diego portfolio to 250,000 square feet and 80 multifamily units.
About Vista Investment Group
Vista Investment Group, LLC (www.vistainvestmentgroup.com) is a privately held real estate investment firm engaged in the acquisition and active management of commercial real estate in the western United States. Established in 2008, and headquartered in Santa Monica, CA, the company focuses on value-add and opportunistic strategies in the multifamily, mixed-use and office sectors. Vista’s portfolio, primarily located in urban infill markets within California and the Pacific Northwest, includes approximately 1,100 multifamily units and 1.4 million square feet of office space.
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