More office space is headed for the market in San Diego. Cornerstone Plaza, a 101,584 square foot office campus in the city’s Sorrento Mesa, is up for sale, according to a marketing brochure form Newmark, which serves as the property’s exclusive advisor.
While guidance pricing for the property was not disclosed, public records indicate that the property – which is located at 6160 and 6170 Cornerstone Court East – last traded in 2019, when it was acquired by an entity affiliated with Bridge Commercial Real Estate for $18.85 million, or about $185 per square foot.
Spread across a five-acre parcel, Cornerstone Plaza comprises two low-rise buildings that have recently undergone extensive renovations. According to Newmark, the campus offers a versatile range of possibilities, including phased future development or conversion. Due to the site’s current zoning, the site could accommodate development of 440,000 square feet.
Cornerstone Plaza has also undergone recent renovations valued at over $4.7 million. These substantial improvements encompassed the replacement of roofs, HVAC upgrades, the creation of an inviting courtyard, and renovations to the landscaping and facade.
Currently, Cornerstone Plaza maintains a 67 percent occupancy rate, with an average remaining lease term of approximately 4.43 years. Current occupants include Kazmarek Technology Solutions, ZTE Innovation Lab, Local Media San Diego and others.
Cornerstone Plaza is situated within San Diego’s Innovation Marketplace, which is home to a number of life science and tech companies. The surrounding area is home to companies like Qualcomm, Google and Sony, among many others.
“San Diego’s core Innovation markets including Torrey Pines, UTC and Sorrento Mesa continue to be supply constrained with development sites exceedingly scarce in The Proven Mid-Cities cluster,” the marketing brochure states.