San Diego Business Journal

Sorrento Mesa Office Complex Sells for $14.1M

Thursday, December 27, 2012

Lincoln Property Co. of Dallas has purchased the two-building Cornerstone Heights Corporate Center in Sorrento Mesa for $14.1 million, in a joint venture partnership with Maryland-based Artemis Real Estate Partners.

The seller was Realty Associates Fund VI, managed by TA Associates Realty of Boston.

A Lincoln Property statement said this is the company’s second San Diego purchase of December, following its $49 million acquisition of the 24-story downtown tower at 600 B St., where Lincoln opened a regional office earlier this year. That purchase was made through a partnership with Angelo, Gordon & Co. of New York City.

“The acquisition of Cornerstone Heights Corporate Center furthers our goal of assembling a diversified portfolio of high-quality buildings in San Diego,” said Brig Black, a senior vice president with Lincoln Property Co.

The latest purchase included two buildings at 5959 and 6059 Cornerstone Court West, totaling 97,945 square feet. The buildings were constructed in 1987 and renovated in 2007 and 2008, according to CoStar Group.

The seller was represented by Cassidy Turley San Diego, and Lincoln Property represented itself.

The privately owned Lincoln Property owns and manages more than 11 million square feet of office, industrial and retail property nationwide. The two recent acquisitions are its first in the San Diego market.

— SDBJ Staff Report