The acquisition was financed with a $16.6 million fixed-rate life company loan arranged by Holliday Fenoglio Fowler L.P., led by senior director Marc Schillinger in the firm's Los Angeles office. HFF's investment sales team of senior director Nick Frasco, senior managing directors Nick Psyllos and Ryan Gallagher, associate Kara Mathis and analyst Taylor Bergthold marketed the property for sale on behalf of the seller and secured the buyer.

Plaza 2020 represents Vista's second significant investment in San Diego since entering the market in January, when it acquired an 80-unit apartment community in La Mesa for $19 million.

The company is also investment in the Pacific Northwest. As we reported in July, Vista acquired the Seattle Mart, a 82,000-square-foot showroom facility in Seattle for $14.6 million. This is the first investment for Vista in the Pacific Northwest, where the firm plans to invest up to $150 million in the next 21 months.

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SAN DIEGO—Vista Investment Group has purchased Plaza 2020, a 105,796-square-foot, class-A office building in the Mission Valley submarket. Vista declined to release the name of the seller or the purchase price, but a source unrelated to the deal tells GlobeSt.com that the seller was TA Realty—which, we learned, had acquired the asset in May 2007—and that the purchase price was $25 million.

Plaza 2020, which was above 95% leased at closing and offered a 7.8% cap rate on in-place income, is situated on a 3.16-acre site at 2020 Camino del Rio North, adjacent to I-8, with immediate access to SR-163. The property It is also within walking distance to the Westfield Mission Valley Mall and to Metropolitan Transit System's Rio Vista Trolley Station, providing access to Downtown San Diego, Amtrak and the Coaster commuter train. One of the city's most prominent retail and entertainment districts, Mission Valley is benefiting from more than $3 billion of recent and planned investment in commercial office, retail and residential development.

Built in 1970, Plaza 2020 was extensively renovated in 2000, with a complete redesign of the exterior façade, upgraded lobby and common areas along with new mechanical, electrical and plumbing systems. The 10-story office tower also features more than 10,000 square feet of tenant-serving ground-floor retail. Major office tenants at Plaza 2020 include the University of Redlands and American Preferred Lending, both of which occupy full floors.

“Mission Valley should see strong office demand in the coming years as a surge of residential and retail development is delivered into the sub-market,” says Jonathan Barach, president of Vista, in a prepared statement. He adds that Plaza 2020 fits well within Vista's strategy of owning well-located middle market assets, below replacement cost, with strong upside potential and that the firm plans to make improvements to the building's lobby, common areas, restrooms and front entryway in order to attract high-quality tenants and compete more closely with class-A product within the submarket.

The acquisition was financed with a $16.6 million fixed-rate life company loan arranged by Holliday Fenoglio Fowler L.P., led by senior director Marc Schillinger in the firm's Los Angeles office. HFF's investment sales team of senior director Nick Frasco, senior managing directors Nick Psyllos and Ryan Gallagher, associate Kara Mathis and analyst Taylor Bergthold marketed the property for sale on behalf of the seller and secured the buyer.

Plaza 2020 represents Vista's second significant investment in San Diego since entering the market in January, when it acquired an 80-unit apartment community in La Mesa for $19 million.

The company is also investment in the Pacific Northwest. As we reported in July, Vista acquired the Seattle Mart, a 82,000-square-foot showroom facility in Seattle for $14.6 million. This is the first investment for Vista in the Pacific Northwest, where the firm plans to invest up to $150 million in the next 21 months.