Newmark Knight Frank has closed the $18.9 million sale of Cornerstone Plaza, a two-building office property totaling 97,316 square feet in San Diego’s Sorrento Mesa submarket. Omninet Capital sold the asset to Bridge Investment Group, marking the buyer’s entrance into the San Diego office market.
Located at 6160 and 6170 Cornerstone Court E., the property was constructed in 1996 and features controlled access. The two- and three-story buildings are connected through a furnished outside gathering space, which provides tenants with a water feature and collaborative spaces. Cornerstone Plaza’s roster includes companies such as Broadcast Co. of the Americas, Robbins Research International and Bentley Systems. The property was 67 percent leased at the time of sale.
NKF’ Co-Head of U.S. Capital Markets Kevin Shannon, Executive Managing Directors Brunson Howard, Paul Jones and Ken White, along with Senior Managing Director Rick Stumm and Andrew Pascale, represented the seller. Bridge Investment Group opted for in-house representation. Earlier this year, the company acquired Station Square, a Class A office complex in Silver Spring, Md.
“Sorrento Mesa is centrally located and has long been San Diego’s premier and most dynamic and active technology-oriented submarket,” Howard said in prepared remarks. “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.”
According to Yardi Matrix data, Cornerstone Plaza previously sold for $17.7 million in November 2015, when Omninet acquired it from LBA Realty. The property’s location provides easy access to the I-5/I-805 interchange, while the Interstate 805 HOV/Carroll Canyon project provides an alternative for direct access to Cornerstone Plaza via Carrol Canyon to Pacific Heights Boulevard.
Image courtesy of Yardi Matrix