IRVINE, Calif., Dec. 1, 2014 (GLOBE NEWSWIRE) -- 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.
"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."
About Shopoff Realty Investments
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.
Disclosures
Any investment in Shopoff Realty Investments programs involves substantial risks and is suitable only for investors who have no need for liquidity and who can bear the loss of their entire investment. This is not an offering to buy or sell any securities. Such offer may only be made through the offerings memorandum to qualified purchasers. Securities offered through Shopoff Securities, Inc. member FINRA & SIPC, 2 Park Plaza, Suite 700, Irvine, CA 92614, (844) 4-SHOPOFF.