Hibiscus Plaza sells for nearly $39 million

Asset located in hot California market

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Grubb & Ellis/BRE Commercial on Wednesday announced the sale of the 110,994-square-foot Hibiscus Plaza in San Diego, Calif. The value of the transaction was $38.8 million. Built in 2003, the five-story, class A office property is located at 9350 Waxie Way in the Kearny Mesa submarket. The property was 94 percent leased at the time of sale, of which 80.5 percent was occupied by GMAC-RFC, a member of the General Motors companies. James M. Tostado of Hibiscus Investments Inc., a Japanese-based investment firm, sold the property to Simsbury, Conn.-based Hart Realty Advisers. Hibiscus acquired the building in July 2004 for $32.6 million from Doug Manchester. ...