Office Asset in San Diego’s Tech Hub Trades for $10M
- Apr 23, 2019
MIG Real Estate has sold the Cornerstone Office Center, a 43,210-square-foot Class B office building in San Diego, to a private investor for $9.5 million. The buyer is an individual investor, according to Yardi Matrix data.
Built in 1987, the three-story property is anchored by tech firms including Motive Interactive, Microchip Technology and Rohm Semiconductor. Located at 6020 Cornerstone Court W., the property in the Sorrento Mesa submarket is adjacent to the major thoroughfare of Mira Mesa Boulevard and 1 mile from the Interstate 805 freeway.
Real estate investment firm MIG Real Estate purchased the asset from Guggenheim Investments for $5.5 million as part of a portfolio transaction in 2011. Prior to that, the office building was successively owned by Professors Capital and WCB Properties.
Louay Alsadek and Hunter Rowe of CBRE represented the seller in the most recent deal, while Todd Holley of Voit Real Estate Services represented the buyer.
Another office sale in Sorrento Mesa
“At 100 percent leased with no major tenant rollover, Cornerstone Office Center provides the buyer with stable cash flow and the opportunity to capitalize on the improving market fundamentals of Sorrento Mesa as the submarket continues to attract life science and technology companies,” Alsadek noted in a prepared statement.
The Sorrento Mesa neighborhood of northwestern San Diego is the city’s hub for technology and medical firms, hosting some 33,000 employees and 1,800 companies including Google, Qualcomm and Verizon. The lack of speculative development suggests that office supply in the popular submarket will continue to tighten.
Just across the street from Cornerstone Office Center, Bridge Investment Group bought up Cornerstone Plaza, a two-building office property totaling 97,316 square feet, from Omninet in February for $18.9 million.