Mission Grove Properties purchased the 1980s-vintage portfolio from local seller of record, 9900 Wilcrest LP. "The seller was ready to take advantage of the market since they had owned the buildings for a few years," says Ross Cannizaro, an investment broker with Marcus & Millichap Real Estate Investment Brokerage Co. He represented the seller of the West Wilcrest Drive buildings. while John Erthein in Marcus & Millichap's San Diego office represented Mission Grove Properties.

Cannizaro tells GlobeSt.com that he and Erthein were working on another deal for Mission Grove Properties when the Wilcrest Business Park opportunity arose. "The other deal fell through,"he says, adding Mission Grove then focused on Wilcrest Business Park to deploy gain from the exchange.

Situated on about an acre, Wilcrest Business Park is made up of two 6875-sf buildings at 9900 and 9950 West Wilcrest Dr. and a 7,000-sf structure at 10000 W. Wilcrest Dr. The buildings are fully occupied by three tenants--Wright Car Care, Texas Woodwork and JoshTom Woodwork. Cannizaro says each lease has about three years left on the term. The buildings' quoted rent is $6 per sf, gross.