A Carlsbad office park has been sold for $34.2 million
The four buildings that comprise the 177,917 square-foot Cornerstone Corporate Center were acquired by Harbor Associates of Long Beach from Wasatch Group.
The buildings are at 1900, 1902 and 1903 Wright Place and 1917 Palomar Oaks Way.
The deal was brokered by Rick Reeder and Brad Tecca of Cushman & Wakefield’s Capital Markets in San Diego.
Matty Sundberg and Justin Halenza of Cushman & Wakefield provided leasing advice.
“Overall, San Diego’s underlying market fundamentals are extremely healthy which has led to a significant increase in investor demand for quality real estate opportunities throughout the county,” Tecca said, adding that Carlsbad posted 515,000 square feet of positive net absorption in 2019 to lead all San Diego submarkets.
“Cornerstone Corporate Center, at only 50 % leased, presents an interesting value add opportunity for the buyer. The property fits right into the wheelhouse of Carlsbad’s tenant demand, having the ability to accommodate small to mid-sized tenants that is driving absorption, and presenting the buyer with a clear path to stabilization.”
Real estate reporter Ray Huard may be reached at firstname.lastname@example.org or 858-277-8904.