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Mission Grove Office Building Sells for $9M

SAN DIEGO-Continuing the hot investment market concerning office property, the 63,261-sf office park changed hands. The two-building, three-story property, which was constructed in 1984, was 97% leased at the time of sale.

By Daniel D. Williams | Updated on December 10, 2004

SAN DIEGO- As the office market continues its hot investment swing, another San Diego property has changed hands. Mission Grove Office Park, a two-building, three-story property sold for $9 million.The office park counts 63,261 sf and is another addition to Santa Barbara-based real estate investment company Radius Investments LLC’s San Diego portfolio and is part of that company’s overall growth model. “We are very pleased to add the Mission Grove Office Park, which is a prime office property in a premier location,” says Radius Investments’ vice president Rhonda Henderson. Mission Grove Office Park is the second San Diego office building Radius Investments has landed in the past 12 months. In the deal, Radius Investments obtained a new $7 million trust deed from Allstate Life Insurance through William L. Chiles of L. J. Melody. Radius Investments acquired the property from Mission Grove Properties Inc., an entity of Richard D. Corona, who initially purchased the office park in a foreclosure sale in 1991. He occupied 25% of the property with his law practice, The Corona Firm. However, he relocated his firm to La Mesa last year. The office park was constructed in 1984 and is housed on a 2.51-acare lot.Major tenants in the park include NAI San Diego, Taylor Research, Epsilon Systems and SGPA Architecture and Planning. The project was 97% leased at the time of sale and amenities include free covered parking, balconies, freeway frontage onto Interstate 8, close onramp proximity and courtyards with water features.Andrew Meyers of Grubb & Ellis/BRE Commercial represented Radius Investments and Marten Barry Jr.of NAI San Diego Commercial Real Estate represented the seller. NAI San Diego will handle all leasing and property management.

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