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Rreef Acquires Newly Built Office Project

MISSION VALLEY, CA-Rreef picks up Rio San Diego Plaza II on behalf of an institutional client. Completed this year, the building is the second phase of the Rio San Diego Plaza II office park.

By Amanda Paxson | Updated on October 30, 2005

MISSION VALLEY, CA-Rreef has acquired the 73,000-sf second phase of the Rio San Diego Plaza office park from Carlsbad-based development firm Newport National Corp. The recently completed property, Rio San Diego Plaza II, is a three-story class A building that is part of the 189,506-sf Rio San Diego Plaza, the first part of which was completed in 2002.

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.

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