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Mixed-Use Pacific Plaza Sells for $143M

DALY CITY, CA-Rreef America LLC acquires the 370,000-sf office, retail and entertainment development from publicly traded Mack-Cali Realty Corp., Highridge Partners and an unnamed institutional partner.

By Brian K. Miller | Updated on August 31, 2004

DALY CITY, CA-Pacific Plaza, a 400,000-sf office, retail and entertainment complex here, has traded hands for $143 million. Rreef America LLC acquired the property from two entities. Publicly traded Mack-Cali Realty Corp. and Highridge Partners owned half of the property, while the other half was owned by an institutional partner whose name is not being released by the parties involved.The Highridge and Mack-Cali joint venture developed the project in two phases. Pacific Plaza I, completed in 2001, includes 369,480 sf of office and retail space and a 925-car parking garage. Pacific Plaza II, completed in 2002, consists of a 20-screen cinema, approximately 22,740 sf of retail space and an 820-car parking garage. The joint venture maintains control over an option on 2.5 acres of developable land at the site. A Rreef spokesperson declined comment at this time. Mack-Cali’s president and chief executive Mitchell Hersh tells GlobeSt.com the property was sold in part because it is outside of the district in San Francisco where the company still owns three assets. As well, those assets along Market Street are office assets and generally are wholly owned, whereas Pacific Plaza is mixed-use and was only partially owned.”The investment sales market is very buoyant and we took advantage of that,” says Hersh. “It’s a better time to be a seller than a buyer.”Eventually, Hersh says the proceeds from the Pacific Plaza transaction will be redeployed in the company’s core Northeast and Mid-Atlantic markets.

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