SAN DIEGO — VCC Investors LP, a partnership of the Birtcher Anderson Co. that acquired Valley Corporate Center around 18 months ago for more than $24 million, has just sold the Mission Valley office asset to The Hearn Co. for nearly $31 million.

Located at 591 Camino De La Reina, the 12-story property is situated on the northeast corner of Interstate 8 and Highway 163, according to Steve Rowland of BRE Commercial. Rowland, along with BRE Commercial colleague Richard Gonor,
acted on behalf of VCC Investors LP in the recent transaction. Phil Marino of Intercon West Realty Advisors in Phoenix, AZ represented The Hearn Co. Rowland tells GlobeSt.com that Valley Corporate Center’s “great visibility and high-profile status are what drew the buyer to the asset.” As Marino explains, “The Hearn Co. owns high rises throughout the Midwest, Southwest and now California. They are a very prudent and aggressive buyer that operates in and migrates to the best markets in the country.”

Encompassing 171,391 sf, the facility was approximately 85% occupied at the time of sale, according to Rowland. He says the multi-tenant nature of the building was another attractive factor for the buyer, since a diverse tenant base usually helps to reduce risk. Rowland tells GlobeSt.com that the property currently houses more than 80 tenants, including First Command, Unified Mortgage Service, Emerald Bay Financial, Blue Shield of California, Ticketmaster, and Belsky & Associates.

Formerly known as the Mission Valley Financial Center , the Valley Corporate Center asset dates back to 1972. John Mutual Life Insurance Co. acquired the facility in September 1993 through foreclosure and then proceeded to invest $2.7 million in upgrades to the property between 1994 and 1997. Current amenities include covered parking in a three-level garage, a deli, and a gym with locker rooms and shower facilities. A couple of years after the renovations were complete, the office asset changed hands again, when The Shidler Group purchased it for $15.5 million in June 1999. Then, in August 2002, the Birtcher
Anderson Co. partnership bought the property for $24.3 million. In the most recent transaction, Jeffrey Frankel of Baird & Warner Real Estate Capital LLC arranged the first mortgage and mezzanine financing for The Hearn Co.

Stephen Hearn, owner of The Hearn Co., tells GlobeSt.com that his firm is a long-term holder of commercial office properties that is currently seeking additional institutional quality assets in places such as Southern California; Phoenix, AZ; San Antonio, TX; and Central Florida.