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July 17, 2018
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San Diego Area Office Building Trades in $16 Mil Deal


Premier Realty Holdings Inc acquired Wateridge Pavilion, a three-story, 62.4k sf office building in Sorrento Mesa. The property, which was 97% leased at the time of sale, was sold by Fenway Properties for $16.3 mil ($261/sf).

Waeridge Pavilion is located at 10525 Vista Sorrento Pkwy. It is situated just east of I-805 and just south of Lusk Blvd.

San Diego-based Premier Realty Holdings is a private investment firm led by Marc Barmazel. The company plans to occupy space at Wateridge Pavilion.

Louay Alsadek and Hunter Rowe of CBRE, along with Brett Ward, Michael Cassolato and Michael Mahoney of Cushman & Wakefield, represented the buyer and the seller in the transaction.

“Wateridge Pavilion generated significant interest from a wide variety of buyers due to its location, historically high occupancy and the quality of Fenway’s recent capital improvements,” Alsadek said.

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