Canadian Investor Buys Mission Valley Portfolio
Vancouver, Canada-based City Office REIT received $47 million in acquisition financing for Mission City Corporate Center, a four-building office portfolio totaling roughly 290,000 square feet in San Diego’s Mission Valley. The borrower secured the 10-year, fixed-rate loan through one of HFF’s life insurance company lenders.
The property comprises 2355, 2365, 2375 and 2385 Northside Dr., which combined are 87% leased to such tenants as Eplica Corporate Solutions, Mission Home Health, Midland Credit Management, State of California Water Resources and Innova Systems International, Inc. The properties feature two parking structures with 987 parking spaces shared between the four buildings, and a newly installed solar field.
HFF’s debt placement team representing the borrower included Zack Holderman and Tim Wright.
Mission City Corporate Center was built in 2008 for Maguire Properties.
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