Terms of the sale were undisclosed, but prices for new class A office buildings in the area have run well above $200 per sf for some time. Another newly built property in the Mission Valley area, the nearly 80,000-sf class A Rio Vista Plaza III, sold for $22.7 million, or roughly $285 per sf, in August.
Rio San Diego Plaza II is located at 8954 Rio San Diego Dr., east of Qualcomm Stadium and near Interstates 8, 15 and 5. Rreef was represented in the transaction by David Marino of Irving Hughes along with Patrick Rohan and Mary Carlson of Burnham Real Estate.
The 8954 Rio San Diego Dr. building was designed by Ron Gross and George Campos of Los Angeles-based Nadel Architects Inc. and provides parking of four stalls per 1,000 sf of office space. The interior features a two-story atrium lobby.
According to a report from Burnham, the completion of Rio San Diego Plaza II and Rio Vista Plaza II resulted in a slight upswing in Mission Valley's vacancy rate. At year-end 2004, the area's office vacancy rate was 11.6% compared to today's 12.3%.
Because there is no new construction planned for the area, the report predicts the vacancy rate will eventually even out to 12.1% over the next several months. Mission Valley is among the nation's most stable office markets, Burnham notes.
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