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4/18/19
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A private investor purchased Cornerstone Office Center, a 43.2k sf office building in San Diego’s Sorrento Mesa area, for $9.5 mil ($220/sf). The three-story, Class B building was 100% leased at the time of sale. It is anchored by technology companies including Motive Interactive, Rohm Semiconductor and Microchip Technologies.
The Center is located at 6020 Cornerstone Court West, adjacent to the major east-west thoroughfare Mira Mesa Blvd and roughly one mile from I-805. This submarket of San Diego is home to approximately 1,800 companies and 33,000 employees. Additionally, there are more than 700,000 San Diego residents within 10 miles of the property, 79% of whom are college educated.
Todd Holley of Voit Real Estate Services represented the buyer. CBRE’s Louay Alsadek and Hunter Rowe repped the seller, MIG Real Estate, a real estate investment firm based in Newport Beach.
There was over 304k sf of positive net absorption in Sorrento Mesa in 2018, thanks in great part to the more than 865k sf of leasing activity. This market saw the highest net absorption of any submarket in San Diego County, and nearly 80k sf better than the next submarket (UTC), according to market research.
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