Newmark has announced it has completed the $18.85 million sale of Cornerstone Plaza, a two-building multi-tenant office campus totaling 97,316 square feet in the heart of the Sorrento Mesa submarket of San Diego.
Newmark’s Co-Head of US Capital Markets Kevin Shannon, Executive Managing Directors Brunson Howard, Paul Jones and Ken White, Senior Managing Director Rick Stumm , and Andrew Pascale represented the seller, Omninet. The buyer, Bridge Investment Group, was self-represented. This acquisition marks Bridge Investment Group’s entrance into the San Diego office market.
Built in 1996 and situated on 5.04 acres at 6160 and 6170 Cornerstone Court East, the asset is 67 percent occupied by a number of tenants including Broadcast Company of the Americas, Robbins Research International and Bentley Systems. The buildings are joined by a unique, furnished outdoor gathering space activated by an inviting water feature and bordered by lush landscaping and collaborative spaces.
“Sorrento Mesa is centrally located and has long been San Diego’s premier and most dynamic and active technology-oriented submarket,” said Howard. “Cornerstone Plaza is highly flexible, institutional quality real estate with immediate value-add potential. Buyers were attracted to an increasingly rare opportunity to unlock additional value both in leasing up the existing vacancy and upgrading its multiple indoor and outdoor common areas.”
Cornerstone Plaza is just minutes from the I-5/I-805 interchange - two of San Diego’s main arterial freeways, providing tenants with easy access to all of San Diego county. Additionally, the I-805 HOV/Carroll Canyon project offers a direct access alternative to Cornerstone Plaza via Carrol Canyon to Pacific Heights Blvd.
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 16,000 professionals operate from approximately 430 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
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