Wateridge Pavilion - Photo courtesy of CBRE Group Inc.

Wateridge Pavilion - Photo courtesy of CBRE Group Inc.

Rancho Santa Fe-based Premier Realty Holdings Inc. has acquired the Wateridge Pavilion office building in Sorrento Mesa for $16.3 million, according to brokerage firm CBRE Group Inc.

The seller of the 62,427-square-foot property, at 10525 Vista Sorrento Pkwy., was Fenway Properties of San Diego.

The buyer and seller were represented by Louay Alsadek and Hunter Rowe of CBRE; and Brett Ward, Michael Cassolato and Michael Mahoney of Cushman & Wakefield.

Brokers said the property was 97 percent leased at the time of sale and has a historically high occupancy rate. The property was built in 1986 and recently underwent capital improvements completed by Fenway Properties.

Premier Realty Holdings, led by Marc Barmazel, plans to occupy space at Wateridge Pavilion.