SAN DIEGO – A joint venture between Parallel Capital Partners and Equity Group Investments has purchased Wateridge Plaza, a three-building office campus in the San Diego submarket of Sorrento Mesa for $72.5 million. The Class A campus is located at 10201, 10221 and 10241 Wateridge Circle. It totals 278,787 square feet. The campus is currently 72 percent leased.
The property also includes the potential to develop up to 168,000 additional square feet of Class A office space. The campus was built in 1984 and renovated in 2012. The seller, a joint venture between Beacon Capital Partners and C-III Realty, invested more than $14 million in campus upgrades between 2009 and 2013. The new joint venture plans to make additional capital improvements. The JV seller was represented by Adam Edwards of Eastdil Secured.