One building, 57,729 sq. ft.
Year built: 1974
Address: 6160 Mission Gorge Road, San Diego, CA
Summary: This Class B Office building was approximately 96% leased when acquired and represented an opportunity to improve the quality of an already stabilized asset. This building is unique for its submarket as there is little other competitive inventory and is well located with direct frontage facing the highly trafficked Mission Gorge Road. Current tenancy consists mostly of community-serving groups that provide social and wellness services, many of which are funded by public entities.
STABILIZED PURCHASE. INTERIOR AND EXTERIOR IMPROVEMENTS. dEVELOPMENT POTENTIAL BASED ON ZONING.
Deal Points: Mission Corporate Center was purchased in January 2018 as a stabilized office building in a submarket that is undergoing a substantial transformation to an urban environment as a result of recent zoning changes. With multiple nearby apartment developments underway, this asset’s value is derived from its potential to be developed into a well-located mixed use commercial/residential project with ample parking to support both uses, as well as the in-place cash flow to perform while the development plan is being established. The property was purchased for $7,300,000 all cash, with the intention of financing it in the future.