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Office Buildings Totaling 50,000 SF Change Hands

SAN DIEGO-The local office market continues ticking up with two recent deals totaling nearly $9 million. An office report also shows positive absorption and bullishness toward new construction.

By Daniel D. Williams | Updated on January 29, 2006

SAN DIEGO-The local office market is continuing its steady climb toward recovery. Most recently two more office buildings traded hands, as investors eye falling vacancy rates and rising rentals as indicators of office product as a solid investment.In the first deal, Oceanview Plaza Investors LLC picked up Oceanview Plaza, a 24,800-sf office property, for $3.9 million. The property is located at 2420 Vista Way in Oceanside. The buyer plans to hold the property as an investment.Terry Jackson of Burnham Real Estate, along with Eric Thies of BRNIKA and Steve Dunn of Romar Co. represented the buyer. Brad Covey of Covey Commercial represented the seller, McRose Properties LLC.In a second deal, Full House Enterprises acquired Mission Office Park from ZMI Real Estate. Full House paid $4.95 million for the 28,517-sf property.The two-building site is located at 504 and 508 Mission Ave. in Escondido. The two two-story buildings sit on over 1.5 acres and are 90.6% leased to 17 tenants. The tenant space ranges from 712 sf to 2,500 sf.Louay Alsadek, Rick Reeder, Mark Avilla and Matty Sundberg of Grubb & Ellis

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