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| Chula Vista, CA office building |
San Diego, CA, (Oct. 30, 2012) –Voit Real Estate Services’
San Diego office has successfully completed the $11.85 million acquisition of
an 87,000 square-foot office building in Chula Vista, Calif. on behalf of the
buyer.
According to Brandon Keith, a Senior Vice President
in Voit’s San Diego office, the completion of this transaction marks the
largest office sale in the Chula Vista submarket in 2012.
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| Brandon Keith |
Keith worked with Tracy Clark of Voit’s San Diego
office to represent the buyer, CHG Foundation, a California non-profit. CHG, or
Community Health Group, is a nonprofit health plan operating in San Diego
County.
“Our client was seeking a larger headquarters facility in
close proximity to its current headquarters in Chula Vista to expand its local
operations,” explained Keith.
“This transaction is
an excellent example of the ongoing recovery in the San Diego market. Companies
are gaining the confidence to buy again, armed with the knowledge that real
estate prices have likely hit bottom.
“ It is important to realize that there are many investment
opportunities available in this market, and buyers should seek to make deals
before prices begin to increase and quality product is snapped up by other
investors.”
CHG Foundation will occupy 67,000 square feet of this
two-story office/flex building for its operations. The remaining 20,000 square
feet will be occupied by Hitachi America Ltd., a global supplier of household
electronics, on a lease which was completed as part of the sale, according to
Clark, a Senior Vice President in Voit’s San Diego office.
The seller, Chula Vista Investment Group, LLC, is a real
estate fund managed on behalf of the Alaska Permanent Pension Fund, and was
represented by Mickey Morera and Chris Holder of Cushman & Wakefield.
The property is located at 900 Hitachi Way in Chula Vista,
Calif.
Contact:
Judith Brower/ Jenn Quader
Brower, Miller & Cole
(949) 955-7940
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