MISSION VALLEY, CALIF. — Behringer Harvard Opportunity REIT I, Inc. has acquired Crossroads Office Park in Mission Valley from an undisclosed seller. The seven-story office building is located two miles northeast of San Diego International Airport and five miles north of downtown San Diego.
The transaction amount was undisclosed.
The property is situated on a 5-acre site and provides more than 139,000 square feet of space to a diverse list of tenants. Tenants benefit from a high parking ratio of 3.8 surface spaces per 1,000 square feet of rentable office space. The building has also earned an Energy Star rating from the Environmental Protection Agency.
“We acquired this well-located, value-added asset at a significant discount to replacement cost. We believe this Energy Star-rated property provides us with an attractive opportunity to create value by stabilizing its occupancy and moving rents to market levels,” said Robert Behringer, founder and CEO with Behringer Harvard.
Area attractions near the property include Mission Bay Park, Sea World, Qualcomm Stadium and Fashion Valley.