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$31M Buys Valley Corporate Center

SAN DIEGO-VCC Investors LP, a partnership of the Birtcher Anderson Co. that acquired the Mission Valley office asset around 18 months ago, sells the 171,391-sf property to The Hearn Co. The facility is currently occupied by more than 80 tenants.

By Erin Cassin | Updated on February 26, 2004

SAN DIEGO-VCC Investors LP, a partnership of the Birtcher Anderson Co. that acquired Valley Corporate Center around 18 months ago for more than $24 million, has just sold the Mission Valley office asset to The Hearn Co. for nearly $31 million.

Located at 591 Camino De La Reina, the 12-story property is situated on the northeast corner of Interstate 8 and Highway 163, according to Steve Rowland of BRE Commercial. Rowland, along with BRE Commercial colleague Richard Gonor, acted on behalf of VCC Investors LP in the recent transaction. Phil Marino of Intercon West Realty Advisors in Phoenix, AZ represented The Hearn Co. Rowland tells GlobeSt.com that Valley Corporate Center’s “great visibility and high-profile status are what drew the buyer to the asset.” As Marino explains, “The Hearn Co. owns high rises throughout the Midwest, Southwest and now California. They are a very prudent and aggressive buyer that operates in and migrates to the best markets in the country.”

Encompassing 171,391 sf, the facility was approximately 85% occupied at the time of sale, according to Rowland. He says the multi-tenant nature of the building was another attractive factor for the buyer, since a diverse tenant base usually helps to reduce risk. Rowland tells GlobeSt.com that the property currently houses more than 80 tenants, including First Command, Unified Mortgage Service, Emerald Bay Financial, Blue Shield of California, Ticketmaster, and Belsky & Associates.

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