Buchanan Street Partners Closes on another San Diego Area Office Purchase

Buchanan Street Partners Closes on another San Diego Area Office Purchase
Buchanan Street Partners recently wrapped up its second San Diego area office buy in the past few weeks, paying $23.1 mil for Cornerstone Heights Corporate Center, a two-building, 98k sf office complex in Sorrento Mesa. The project is located at 5959 and 6059 Cornerstone Court West, south of Mira Mesa Blvd and west of Pacific Heights Blvd. Cornerstone Heights Cornerstone Heights is 91 percent leased and benefits from a recent $4.5 mil renovation that included the addition of collaborative workspaces, contemporary kitchens and meeting areas, and exposed high ceilings to the building. The property’s tenant roster includes Verimatrix Inc, Konica Minolta Business Solutions and Tillster Inc. The complex currently has one office space available totaling 8.7k sf. The acquisition reflects Buchanan Street’s ongoing investment strategy in the West, where the Newport Beach-based investor has been an active buyer in value-add and core-plus office properties. The firm also just recently acquired Carlsbad Corporate Office, a 121.5k sf office building in Carlsbad, for $19.5 mil, as reported on RENTV a week earlier. That building, located at 1950 Camino Vida Roble, north of Palomar Airport Rd and adjacent to McClellan-Palomar Airport, is fully leased to three tenants. Buchanan Street represented itself in this latest transaction, while the seller, a partnership between Lincoln Property Company and Artemis Real Estate Partners, was repped by Rick Reeder and Brad Tecca of DTZ Capital Markets, San Diego. Cornerstone Heights will continue to be managed by Unire Real Estate Group. “Office buildings that provide a contemporary work setting with abundant onsite amenities are in high demand, especially in markets dominated by technology users,” noted Tim Ballard, president of Buchanan Street Partners. “This investment is appealing for the value that can be created through the planned improvements in a submarket with sound fundamentals.

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MARK HARRYMAN & GRIFFIN COGORNO Unire Real Estate Group was founded in 2000 to provide property, transaction, construction and asset management services to owners and tenants of institutional-quality commercial real estate. Mark Harryman founded the company and now serves as CEO and principal. With more than 30 years of experience in commercial real estate, Harryman effectively serves as an executive-level point of contact for clients. As president, Griffin Cogorno directs the entrepreneurial growth strategy for the firm and he is responsible for growing the platform throughout the West Coast. Cogorno has more than 15 years of industry experience and has held positions with JP Morgan, Chase Bank and the O’Donnell Group. Unire Real Estate Group currently manages more than 50 million square feet of industrial and office assets throughout Northern California, Southern California and Las Vegas. Harryman is described as a leader and mentor who provides feedback, guidance and support. Cogorno, who joined the firm in 2014, provides fresh ideas and new perspectives and has the ability to see the big picture while understanding the small details. As a strong team, the two professionals continue to articulate the firm’s mission and cultivate a company culture that supports long-term growth. The growth of the company during the past 21 years speaks to their leadership abilities, having increased assets under management from roughly one million square feet with one client at inception, to more than 50 million square feet with 18 clients today. The firm has been recognized as a top workplace in Orange County on multiple occasions.

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Brea, CA:
675 Placentia Avenue, Suite 200

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Del Mar, CA:
11988 El Camino Real Road, Suite 120

Mountain View, CA:
883 N. Shoreline Boulevard, Suite B110

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714-990-2100

info@uniregroup.com

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