March 5, 2019 Comments Off on Stockbridge Divests Mesa View Plaza for $39M Views: 1233 California News, San Diego

Stockbridge Divests Mesa View Plaza for $39M

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Mesa View Plaza, a 111,268-square-foot, Class A, mid-rise office building in San Diego’s Kearny Mesa submarket, sold for $39.1 million. A JV between San Diego-based Coast Income Properties and Washington Capital Management, Inc. acquired the five-story, multi-tenant building from Stockbridge.

Mesa View Plaza was 100% leased at the time of sale to a strong mix of professional services and tech companies. Located at 9350 Waxie Way, the property is situated on 9.87 acres and features efficient floor plates, a well-appointed lobby, tenant balconies, and subterranean parking.

Cushman & Wakefield’s Rick Reeder and Brad Tecca represented the seller. The buyer was self-represented.

Tecca says, “Mesa View Plaza is well-known as one of the finest Class A, multi-tenant office buildings in central San Diego. This acquisition will provide stable in-place cash flow and the ability to capitalize on rising rental rates in a submarket where the vacancy rate will decline to under 3% by the end of Q2 2019.

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