HFF announces $47M acquisition financing for office portfolio in San Diego
SAN DIEGO, CA – October 31, 2017 – Holliday Fenoglio Fowler, L.P. (HFF) announces $47 million in financing for Mission City Corporate Center, a four-building office portfolio totaling approximately 290,000 square feet in Mission Valley, San Diego, California.
The HFF team worked on behalf of the borrower, City Office REIT, to secure the 10-year, fixed-rate acquisition loan through one of its life insurance company lenders.
Mission City Corporate Center comprises 2355, 2365, 2375 and 2385 Northside Drive, which in total are 87 percent leased to tenants, including 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. Situated in the heart of Mission Valley, the portfolio has immediate access to several major thoroughfares, including Interstates 15, 8 and 805 and Highway 163. Additionally, Mission City Corporate Center is within close proximity to major health providers Scripps Mercy, UCSD Medical, Sharp, Rady Children’s and Kaiser; as well as being located minutes from Qualcomm Stadium, SeaWorld and the San Diego Zoo.
The HFF debt placement team representing the borrower included senior director Zack Holderman and senior managing director Tim Wright.
“Working with the seasoned, professional team at City Office REIT enabled us to secure a strong acquisition loan in a short timeframe for Mission City Corporate Center,” added Holderman.
About City Office REIT, Inc.
City Office REIT is an internally-managed real estate company focused on acquiring, owning and operating high-quality office properties located in leading markets in the Southern and Western United States. City Office currently owns or has an interest in 5 million square feet of office properties.
HFF and its affiliates operate out of 24 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.