A two-building office complex in Sorrento Mesa has been sold for $18.9 million.
Bridge Investment Group said it plans to spend $5.2 million renovating the Cornerstone Plaza property at 6160 and 6170 Cornerstone Court.
The property was sold by Omninet, represented by Kevin Shannon, co-head of Newmark Knight Frank U.S. Capital Markets, Newmark Knight Frank executive managing directors Brunson Howard, Paul Jones and Ken White, Senior Managing Director Rick Stumm and Associate Andrew Pascale.
“Cornerstone Plaza checks all of the boxes for creating collaborative, community-oriented workspace in a prime business center featuring walkable amenities and a high degree of connectivity,” said David McCleve, director of office acquisitions for Bridge Investment Group.
“With no speculative development underway in Sorrento Mesa, we anticipate the submarket will continue to tighten, and Cornerstone Plaza will emerge as a top choice for tenants who seek to take advantage of the area’s deep labor pool,” McCleve said.
Built in 1996 on a five-acre site, Cornerstone Plaza has 97,316 square-feet of office space.
About 67 percent of the complex is leased. Tenants include Broadcast Company of the Americas, Robbins Research International and Bentley Systems.
Leasing will be led by Tim Olson and Tony Russell of JLL. Bridge Commercial Real Estate, the operating company for Bridge Office, will oversee all leasing, property management and redevelopment work.
Real estate reporter Ray Huard may be reached at firstname.lastname@example.org or 858-277-8904.