Harbor Associates JV Pays $34M for San Diego Office Asset

Cornerstone Corporate Centre. Image courtesy of Cushman & Wakefield

Wasatch Group has sold Cornerstone Corporate Centre, a four-building, 177,917-square-foot office park in Carlsbad, Calif. Harbor Associates and Platform Ventures purchased the Class A asset for $34.2 million in an off-market transaction. According to Yardi Matrix data, the property last traded in 2011 for $36.3 million. Cushman & Wakefield assisted the seller in the current deal.

Cornerstone Corporate Centre occupies more than 14 acres within the 330-acre master-planned Carlsbad Airport Business Centre. Developed between 1998 and 2001, the buildings at 1900, 1902 and 1903 Wright Place and 1917 Palomar Oaks Way feature 17,436-square-foot floorplates. Amenities include a fitness facility, lap pool, barbecue area and sand volleyball court.

The property is currently 50 percent leased, per Cushman & Wakefield information, with Regus being one of the key tenants. A recent report on San Diego’s coworking market shows Carlsbad ranking second in the metro, with 16 percent of total shared office spaces inventory.

Located 6 miles southeast of city center, Cornerstone Corporate is 2 miles east of Interstate 5 at the signalized intersection of Palomar Airport Road and Palomar Oaks Way. The immediate area holds several shopping and dining options and The Crossings at Carlsbad golf course less than 2 miles northwest.

Cushman & Wakefield’s Rick Reeder and Brad Tecca of the firm’s San Diego office represented the seller in the negotiations, while Matty Sundberg and Justin Halenza provided leasing advisory services. Reeder and Tecca were also instrumental in the November sale of a 205,725-square-foot office building in San Diego.