BH Properties has notched another deal in its acquisitions binge, making its first purchase in the San Diego market by grabbing a Mission Valley office and retail complex at a steep discount.

The Los Angeles-based firm paid $68M to buy the Hazard Center, which opened in 1990 and includes a 15-story office building at 7676 Hazard Center, a three-level retail center anchored by Barnes & Noble and UltraStar Cinemas, and a free-standing BJ's Restaurant & Brewhouse at the intersection of Friars and Frazee roads.

The 14.5-acre property, which abuts a trolley stop, encompasses 270K SF of office space and 135K SF of retail as well as surface and underground parking. The seller, Principal Real Estate Investors, paid $100M for the mixed-use complex 21 years ago, the San Diego Union-Tribune reported.