Built in 1988, Mission View Plaza stands on a 2.42-acre parcel located at 3517 Camino Del Rio South. It is comprised of three and a half stories of office space and two and a half stories of parking.
The seller, M.V. Phoenix Associates LLC with Tod Thorpe as managing member, originally purchased the asset in December 2001 for $5.5 million. Under M.V. Phoenix's ownership the property underwent numerous improvements and both new leases and renewals were signed. At the time of sale, the building's occupancy level stood at 92.7%. Tenants here include Walden Family Services, Dallas Funding Inc. and Rehab West Inc. The building's largest occupant is the State of California's Unemployment Insurance Appeals division, an original tenant that currently leases 43% of the facility.
The Phoenix-based seller, which disposed of the asset without bringing it to market, was represented by Andrew Meyers and Richard Gonor of BRE Commercial/NAI's UTC office. The same team acted on behalf of the buyer, Escondido-based Stephens Properties LP, which secured a $6-million loan from Life Insurance Co. of the Southwest, a subsidiary of National Life of Vermont. The new owner has retained Gonor and BRE Commercial colleague Tony Russell to handle leasing at the facility.
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