South Bay Corporate Center Changes Hands

NATIONAL CITY, CA— Bosa Development has acquired South Bay Corporate Center from a joint venture between Walton Street Capital and Greenlaw Partners for $42,750,000. Located at 401 Mile of Cars Way in National City, the 189,588-square-foot office building was 100% leased at the time of sale.

401 Mile of Cars Way in National City is a 189,588-sf office building that was 100% leased at the time of sale.

South Bay Corporate Center features a diverse tenant roster including the County of San Diego, ITT Technical Institute, TDK , and Episcopal Community Services . Investment advisors Louay Alsadek and Hunter Rowe of CBRE along with market experts Tony Russell and Richard Gonor of JLL represented the sellers. Bosa Development represented itself. Greenlaw Partners and Walton Street Capital acquired the project in 2012 when it was 100% percent vacant and instituted a comprehensive program to improve and rebrand the property within the San Diego office market. This work included new common areas, new restrooms, and a complete overall of the building systems. The partnership also created a separate parcel on the property where it executed a long-term ground lease with Freddy’s Frozen Custard & Steakburgers to build their first San Diego restaurant. That parcel was also sold with the existing office building as a part of the sale to BOSA Development. “At 100% leased, South Bay Corporate Center attracted significant interest from a large buyer pool that was interested in a stabilized core office asset with stable cash flow,” Alsadek said. Bosa Development is a private company which specializes in the development of high profile urban condominium projects.  The company also owns and manages a large portfolio of commercial real estate assets including office, industrial, retail, and film studios. Walton Street Capital, L.L.C. is a private equity real estate investment firm. Since its founding in 1994, affiliates of Walton Street Capital have received total equity commitments of over $8.4 billion from public and corporate pension plans, foreign institutions, insurance companies and banks, endowments and foundations, trusts, and high net worth individuals. Greenlaw Partners is an Orange County- based full-service real estate operating company. Founded in 2003, the company acquires, develops and manages commercial real estate properties throughout the western United States. CBRE Group, a Fortune 500 and S&P 500 company headquartered in Los Angeles , is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide.