Cornerstone Real Estate Advisors, Hammer Ventures Make Big Buys
- Jun 05, 2014
Cornerstone Real Estate Advisors L.L.C. and Hammer Ventures are the latest investors to make major acquisitions of industrial and office assets in metropolitan San Diego.
Cornerstone paid $57,4 million to become the new owner of the North County Corporate Center, which comprises five industrial buildings located on 26 acres at 990 and 995 Joshua Way and 2750, 2760 and 2765 Progress St. Totaling 493,900 square feet of industrial and office space, the asset commanded about $117 per square foot. The Los Angeles office of Colliers International represented both Cornerstone and the seller, JPMorgan Chase.
Completed in 1999, the property is approximately 90 percent leased to such tenants as Jeld-Wen, John Deere Water and CDTI. Jeld-Wen, which occupies about approximately 180,000 square feet, is the largest tenant. Around 10 percent of the space, amounting to some 40,000 square feet, is available; Cassidy Turley handling the leasing.
The Torbati Building in downtown San Diego (right) was purchased by Hammer Ventures from 625 Broadway Holdings L.L.C. The local office of Colliers International represented Hammer in the acquisition of the 223,000-square-foot, 14-story building, which was completed in 1925; the seller represented itself.
Image: The Torbati Building at 625 Broadway, San Diego