CORFAC News

Contact:
Brian Mulvaney   
858-458-3372
bmulvaney@voitco.com

San Diego, CA (May 16, 2014) - Voit Real Estate Services/CORFAC International is proud to announce that Brian A. Mulvaney, Sr. Vice President, CCIM, SIOR has successfully directed the sale of two assets in the Mission Valley submarket for a value in excess of $7,700,000.

The first transaction was the sale of the former Todai Sushi building, also originally known as Lehr’s Greenhouse, which is a 21,000 sq. ft. single-story freestanding retail property located at 2828 Camino Del Rio South in Mission Valley. The value of this transaction was $1,325,000 and the buyer will be using the facility as an Asian-American Buffet. The property was located on a Caltrans Ground Lease and is located directly adjacent to the I-8 and I-805 freeways.

The second property is a an approximately 48,000 sq. ft. multi-tenant retail center located directly across the street from the University of San Diego (USD) at 5265-5401 Linda Vista Road. The transaction involved the sale of the asset to Capstone Advisors in a transaction totaling $6,400,000. The property, which was 96% leased at time of sale, will continue to be upgraded and repositioned.

Both transactions demonstrate an improving market with increasing rental rates and buyer demand. According to Mulvaney, “The lack of new construction in the central San Diego markets is continuing to drive rents and increase demand as values continue their upward movement.”

About Voit Real Estate Services/CORFAC International
Voit Real Estate Services is now an 11 office commercial real estate firm that, through its brokerage and real estate management professionals working together, provides strategic property solutions tailored to clients' needs.  Combining more than 40 years of expertise in brokerage, investment advisory, financial analysis, market research, real estate management and tenant advisory, Voit provides clients with forward looking strategies that create value for their assets and portfolios. Voit is a privately held, debt-free firm that has successfully navigated numerous market cycles since 1971 and currently employs more than 250 people. Voit has owned, developed and managed over 55 million square feet of commercial real estate, participated in $1.4 billion of construction projects and completed over $40 billion in brokerage transaction volume.  Further information is available at www.voitco.com.