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9/22/16
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PCCP LLC provided a $25.6 mil senior loan to Angelo, Gordon & Co for its recent acquisition and planned repositioning of Wateridge Pointe, a two-building, 123.7k sf office project in the Sorrento Mesa submarket of San Diego. Angelo, Gordon purchased the property frm Steelwave in August of 2016 for $28 mil ($226/sf), as reported by RENTV at the time.
Built in 1998 and situated on a 9.5-acre site, the property is located at 10421 and 10431 Wateridge Circle. The purchase also includes 409 surface parking stalls. Wateridge Point was 83.7 percent leased to Wells Fargo, Blackberry Corporation, Autosplice, Inc., and Salient Federal Solutions at the close of escrow.
Angelo, Gordon & Co plans to reposition the asset into a light creative build-out aimed at attracting a broad range of tenants including those seeking a more traditional corporate office park environment, as well as those seeking open, creative space with outdoor amenities. The firm plans to invest significant capital for improvements that include upgrades to the exterior of the buildings, landscaping, and outdoor spaces; as well as renovation of the lobby.
Wateridge Pointe is located on Lusk Blvd and Wateridge Circle in Sorrento Mesa, which is a five-minute drive from northbound and southbound entrance ramps to the 805 freeway, offering access to all areas of San Diego county via the 5 Fwy as well as State Routes 52 and 56. While Sorrento Mesa is not traditionally a creative office hub, there are approximately 10 creative office conversion projects that have been completed in Sorrento Mesa over the last decade totaling approximately 800k sf.
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