The 78,167-sf building at 8989 Rio San Diego Drive was purchased by Silver Creek LLC and Silver Creek II LLC, with Gary Beyler as principal. The Shidler Group had sold the 1.7-acre parcel on Rio San Diego Drive to Beyler Feece Development, a company controlled by Beyler, for $1.2 million in February 2001.
The Shidler Group is keeping the adjacent 108,080-sf Rio Vista Building at 8885 Rio San Diego Drive. Through its entity AGBRI Rio Vista I LLC, the Shidler Group acquired both buildings and a 1.7-acre parcel in July 2000 for $21.6 million.
The Rio Vista Plaza, which was built in 1984, is almost fully occupied with 15 tenants. Major tenants include State Farm and Wear & Wood Insurance. The Rio Vista office complex is located near the Mission Valley Marriott, which also was part of the original Rio Vista development plan.
"Mission Valley continues to maintain its place as one of the best located and most desirable areas for office space in the county," says Matt Root, a partner in The Shidler Group. "Since there is very little new office construction going on in Mission Valley, existing buildings have significantly increased in value."
Another major property owned by The Shidler Group in Mission Valley is the 170,000-sf, 12-story Valley Corporate Center, formerly known as the Mission Valley Financial Center, at 591 Camino de la Reina.
Mark McEwen of Colliers International represented the buyer. The Shidler Group represented itself.
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