Parallel Capital Partners, Inc., a San Diego-based real estate investment and operating company, completed the purchase of Wateridge Plaza in a joint venture with Equity Group Investments for $72.5 million. The campus was sold by a partnership of Beacon Capital Partners and C-III Realty with representation from Eastdil Secured; Wateridge was originally sold to the partnership for $50.5 million in 2011. The three building Class A office complex in Sorrento Mesa adds nearly 300,000 square feet to Parallel's portfolio.
Located at 10201, 10221 and 10241 Wateridge Circle in San Diego, the office complex covers three six-story buildings and includes future development potential of approximately 168,000 additional square feet of Class A office space. Built in 1984, the prior owners, Beacon and C-III, invested over $14 million in upgrades to the project from 2009 to 2013. The property was 72% leased at the time of sale, with major tenants including American Specialty Health and Eddy M's Bistro.
"Wateridge Plaza is the ideal address for companies seeking the highest profile location, unparalleled campus amenities, panoramic canyon views and superb freeway access," said Matt Root, CEO of San Diego-based Parallel Capital Partners. "Most importantly it expands our presence in the Sorrento Mesa area, a technology and life science corridor which we believe is an emerging hub of the San Diego office sector," Root said. "Home to global leaders such as Qualcomm, Carefusion, & NuVasive, Sorrento Mesa is rapidly evolving into a world-class life science and high tech cluster."
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