February 13, 2019
McMillin Companies divested four Class A office buildings totaling 181,171 square feet within the 360-acre Liberty Station mixed-use development in San Diego. A partnership of locally- based IDS Real Estate Group and Lionstone Investments acquired the assets for $76.8 million.
The transaction comprises four separate assets located at 2280, 2468 and 2488 Historic Decatur Rd., and 2750 Womble Rd. The buildings were completed between 2003 and 2006, and are 81.1% leased overall.
HFF’s Nick Psyllos and Kara Mathis represented the seller. Additionally, working on behalf of Lionstone, HFF’s Tim Wright and Chris Collins placed a 72-month, $58.9-million, floating-rate acquisition loan with Suntrust Bank.
McMillin acquired the property in 2000 as a former naval base-turned neighborhood. Liberty Station includes 349 residential units; 347 hotel rooms (with an additional 650 hotel rooms under construction or proposed); nearly 400,000 square feet of office space; more than 30 food and beverage establishments; and 40 shopping and retail stores.
For comments, questions or concerns, please contact Dennis Kaiser