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2/26/15
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Buchanan Street Partners recently wrapped up its second San Diego area office buy in the past few weeks, paying $23.1 mil for Cornerstone Heights Corporate Center, a two-building, 98k sf office complex in Sorrento Mesa. The project is located at 5959 and 6059 Cornerstone Court West, south of Mira Mesa Blvd and west of Pacific Heights Blvd.
Cornerstone Heights is 91 percent leased and benefits from a recent $4.5 mil renovation that included the addition of collaborative workspaces, contemporary kitchens and meeting areas, and exposed high ceilings to the building. The property’s tenant roster includes Verimatrix Inc, Konica Minolta Business Solutions and Tillster Inc. The complex currently has one office space available totaling 8.7k sf.
The acquisition reflects Buchanan Street’s ongoing investment strategy in the West, where the Newport Beach-based investor has been an active buyer in value-add and core-plus office properties. The firm also just recently acquired Carlsbad Corporate Office, a 121.5k sf office building in Carlsbad, for $19.5 mil, as reported on RENTV a week earlier. That building, located at 1950 Camino Vida Roble, north of Palomar Airport Rd and adjacent to McClellan-Palomar Airport, is fully leased to three tenants.
Buchanan Street represented itself in this latest transaction, while the seller, a partnership between Lincoln Property Company and Artemis Real Estate Partners, was repped by Rick Reeder and Brad Tecca of DTZ Capital Markets, San Diego. Cornerstone Heights will continue to be managed by Unire Real Estate Group.
“Office buildings that provide a contemporary work setting with abundant onsite amenities are in high demand, especially in markets dominated by technology users,” noted Tim Ballard, president of Buchanan Street Partners. “This investment is appealing for the value that can be created through the planned improvements in a submarket with sound fundamentals.”
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