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Hibiscus Plaza Sells for $39M

KEARNY MESA, CA-Hart Realty Advisers Inc acquires Hibiscus Plaza for $38.8 million. The class A office building, renamed Mesa View, totals 110,994 sf.

By Amanda Paxson | Updated on April 05, 2006

KEARNY MESA, CA-Hibiscus Plaza, a class A office building, was sold to Connecticut-based Hart Realty Advisors in a $38.8-million deal. The five-story property is currently 95% occupied and spans 110,994 sf.”Hart is pleased to acquire this high quality, well located office building, which offers our institutional client an excellent opportunity to invest in this marketplace,” says Todd Bailey, director of investment transactions for Hart Realty.According to David Hart, managing partner with Hart Realty, tenants include mortgage financing firm GMAC, who occupies approximately 80% of the building, with local tenants comprising the remaining space.Built in 2003, Hibiscus Plaza is situated on four acres of land. Hart tells Globest.com that the property “is outstanding with an excellent layout,” and will not undergo any refurbishment, though its name will be changed to Mesa View.Hart says that his firm has bought and sold two other properties in San Diego and is currently looking for additional office acquisitions in the area.”The market is doing fantastically well,” Hart says. “Occupancy is up, replacement costs continue to escalate. There are great deals here.”Grubb & Ellis/BRE Commercial represented the seller, Hibiscus Plaza LLC. Under Hart Realty’s ownership, the property will be managed locally by BCL, a local real estate developer/operator and leased by Grubb & Ellis/BRE Commercial.Amenities at the property include a deli, men’s and women’s shower facilities, energy efficient HVAC and covered parking. Hibiscus Plaza has direct access to the Highway 15/Ruffin Road interchange.

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