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TA Makes $27M Office Buy

SAN DIEGO-The Boston-based pension fund advisors acquires Mission Center Office Park. TA Associates acquired the 180,730-sf from Mission Center Office Park LLC.

By Daniel D. Williams | Updated on December 16, 2004

SAN DIEGO-TA Associates Realty dips again into Southern California with its latest purchase. The Boston-based pension fund has acquired Mission Center Office Park. TA Associates paid Mission Center Office Park LLC of Brentwood $27.5 million for the 180,730-sf office park. Earlier this fall, the fund landed Encino Executive Center for $21.8 million.The San Diego buy is a good value-added play, according to one of the brokers who worked on the deal. “It’s a great location, and it’s a good price per foot compared to other properties in the neighborhood,” says Kevin Shannon of Grubb & Ellis’ South Bay office. “It’s class B space, with the opportunity to add value to it to by adding to the occupancy.”Currently, the property, which is comprised of three, three-story, wood-frame buildings, is 82% leased. The County of San Diego’s Department of Social Services is the biggest tenant. “TA’s goal is to stabilize the property,” Shannon tells Globest.com. Besides filling the remaining space “there’s the potential for selling the buildings separately down the road,” Shannon says.Kevin Shannon of Grubb & Ellis’ South Bay office and Louay Alsadek of Grubb & Ellis/BRE in San Diego represented the buyer and the seller in the transaction. Located at 5333 and 5353 Mission Center Road and 7947 Mission Center Court, the property was built in 1974 and has experienced multiple owners the last few years.In 2002, Mission Center Office Park LLC acquired the property for just over $21 million from Mission Center Investments LLC. Prior to that, it changed hands in October 2000 when it was acquired from K/B Fund IV, an entity of Koll Bren Schreiber Realty Advisors Inc., for $19.3 million, who had purchased the property in June 1997 for just $12.25 million.

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