A Virginia real estate firm has purchased a multi-tenant office building in Mission Valley for $25.3 million, according to CBRE Group.
The buyer, Anchor Health Properties, plans to reposition the 81,236 square-foot property as a medical office building.
Located at 9095 Rio San Diego Drive, Rio Vista Plaza was 81% leased at the time of sale. Completed in 2005, the steel frame, stone-clad office building features on-site showers and lockers, ample parking, and excellent freeway visibility.
“We are very selective about the medical properties we acquire, and the Rio Vista Plaza building has all the attributes that are most important to us,” said James Schmid, Anchor Health’s chief investment officer.
Louay Alsadek, Maddie Mawby and Hunter Rowe of CBRE represented the seller, an undisclosed institutional investor, in the sale.
Rowe called Mission Valley “one of San Diego’s most central and fastest-growing submarkets.”
“Mission Valley has been undergoing extraordinary growth in the multifamily segment, fueled in part by the update to the Mission Valley Community Plan in 2019, with numerous significant projects recently completed, currently under construction or in the development pipeline,” he added.
CBRE’s Lars Eisenhauer and Dan Henry, who specialize in medical offices in San Diego, served as the local market experts in the transaction and will take over the leasing assignment for Anchor Health.
In addition, Zack Holderman and Sabrina Solomiany, of CBRE’s Debt & Structured Finance platform for U.S. Healthcare & Capital Markets, arranged the acquisition loan.
According to CBRE, Anchor Health Properties is the largest owner of medical office buildings in San Diego, outside of region’s major healthcare systems.