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Mission Valley Office Asset Fetches $149 Per SF

SAN DIEGO, CA-The buyers, Momarfran Ltd. and Encin Real Estate Corp., have picked up the property as the upleg in a 1031-exchange transaction. Located at 3636 Camino del Rio North, the building encompasses approximately 29,475 sf.

By Erin Cassin | Updated on September 21, 2004

SAN DIEGO, CA-Momarfran Ltd. and Encin Real Estate Corp. have recently picked up a Mission Valley office building for $4.4 million, as the upleg in a 1031-exchange transaction. In early 1999, the same property traded hands for $1.9 million.Located on a nearly 0.7-acre lot at 3636 Camino del Rio North, the asset encompasses approximately 29,475 sf. It was 97% occupied at the time of sale, according to Richard Gonor of Grubb & Ellis/BRE Commercial, who worked on the transaction. Tenants in the building include Security Co., which signed a 36-month, $98,206 lease for 1,586 sf here in the summer of 2003; and Collegiate Funding, which inked a $153,222, 36-month transaction for 2,652 sf here in the fall of 2002. Built in 1980, the property features recently renovated common areas, high-speed data access, an energy-efficient “cool roof,” and on-site management. In the recent transaction, the buyers were represented by Brent Bohlken of GVA/IPC. Momarfran Ltd. owns 94% of the asset, while Encin owns 6%. Monica Diaz Clark is the president of both buying entities. The recent deal involved the assumption of a loan with an outstanding balance of nearly $1.7 million that had originally been furnished by the Lafayette Life Insurance Co. This acquisition marks the second purchase for the buyers in Mission Valley, as they already own a three-story, 42,584-sf office facility at 2515 Camino Del Rio S. that they bought in early 2001. “Mission Valley continues to be a highly sought after market for office buyers and investors, due to its long-term track of stabilized occupancy and rising rental rates,” Gonor tells GlobeSt.com. Gonor, along with Grubb & Ellis/BRE Commercial colleague Derek Applebaum, acted on behalf of seller 210 Investments LLC in the recent transaction. The LLC had acquired the property in July 2000.

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