Fenway Properties of San Diego has purchased the Wateridge Pavilion office building in Sorrento Mesa for $9.2 million.
The building, at 10525 Vista Sorrento Parkway, was 94 percent occupied at the time of sale, according to a statement from brokerage firm CBRE, which represented seller Western States Investment Group. Fenway plans to move its offices from Carmel Valley to Wateridge Pavilion, which will make the building fully occupied.
Built in 1986 on 4.66 acres, Wateridge Pavilion is a three-story office building with 62,156 square feet of space. Its seven current tenants include Verizon Wireless, Western Devcon Inc. and Flores Lund Consultants.
Fenway plans capital improvements for the building. The company, founded in 1999, owns, leases and manages office, industrial and multifamily properties and land in Southern California and Phoenix.
Its San Diego holdings include Cabrillo Medical Center in Linda Vista, Oberlin Court in Sorrento Mesa and Viewridge I and III in Kearny Mesa.
-- SDBJ Staff Report