The Orange County office of Cushman Realty Corp. handled the sale of Rio Vista Plaza, a 78,162-sf building at 8989 Rio San Diego Dr., and the adjacent Rio Vista Building, which is 97,500 sf. CalMat, a wholly-owned subsidiary of Vulcan Materials Co. and a leading producer of construction aggregates, asphalt and concrete, is getting out of the real estate business.
"CalMat is concentrating on the aggregate and concrete business, not real estate development," says Peter Andrich, the senior director for Cushman who handled the transaction.
Hawaii-based Shidler has been very active in the San Diego market of late, buying up well over $150 million in office, industrial and hotel property since the beginning of the year.
The company bought two office buildings in Scripps Ranch from Burnham Pacific Properties Inc. for $5.6 million in a deal announced in August. A local Shidler unit, Westcore Industrial Properties, bought five separate business parks from San Diego Investment Property Group in a $38-million deal announced last month. The properties, in the Miramar, Sorrento Valley and Sorrento Mesa areas, have a combined size of 537,345 sf.
Shidler partner Marc Brutten formed Westcore to expand the firm's industrial property business in the western United States. The Shidler Group was founded by real estate titan Jay Shidler, who also co-founded First Industrial Realty Trust Inc., a REIT that is one of the nation's largest holders of industrial property.
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