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| William Shopoff |
IRVINE, CA, Dec. 1, 2014 – Shopoff Realty Investments announced
today that the company has acquired a 71,450-square-foot office building in San
Diego’s Mission Valley, located at 2650 Camino Del Rio North.
“This office property is well-located within the thriving
Mission Valley office market, which boasts a 92 percent office occupancy rate,”
said William Shopoff, CEO of Shopoff Realty Investments.
“An excellent value-add opportunity, we acquired this asset
for $156 per foot, which is well below market comparables which average nearly
$200 per foot. Our strategy is to reposition the building through renovations
and increasing occupancy.”
The three-story, Class B-plus office building is located
just off the interchange of Interstates 805 and 8. Currently 75 percent leased,
major tenants include Kaiser Foundation Health Plans and U.S. Colleges.
Adjacent to DeVry University and the U.S. Post Office, the
building is approximately 1.4 miles from Fenton Marketplace, home to a variety
of national retail stores, including Starbucks, IKEA, Costco and USAA Financial
Center.
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| David Placek |
“This office building has been undervalued in the
marketplace and provides a rare opportunity to transform a property in the
popular Mission Valley office market,” said David Placek, head of
Shopoff Realty Investment’s Income Property Division. “We have already received
a great deal of interest from potential tenants.”
Shopoff Realty Investments has a 22-year history of over 100
programs and 430 investments, of which more than 400 have gone full cycle with
an average holding period of 2.7 years.
Shopoff Realty Investments and its
executive leadership have completed more than 5,000 real estate transactions,
including the acquisition, management, entitlement and development of more than
10,000 parcels and lots, 50,000 multi-family units, and 5 million square feet
of commercial properties, with an aggregate value in excess of $4 billion.
For
additional information, please visit www.shopoff.com or call (844) 4-SHOPOFF.
For a complete copy of the company’s news
release, please contact:
Julie Leber
Spotlight Marketing Communications
949.427.5172, ext. 703
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