SAN DIEGO – A joint venture between McCarthy Cook & Co. and AllianceBernstein U.S. Real Estate Partners, L.P. has purchased Canyon Plaza, a 213,000-square-foot office campus in the San Diego submarket of Sorrento Mesa. The purchase price was not disclosed.
The two-building plaza was built in 1986 and expanded in 1993. It is currently 49 percent leased to CareFusion Corporation. Conexant Systems previously held a master lease at the property. The Class A plaza currently has about 100,000 square feet of vacant space. The joint venture plans to redevelop its common areas and lobbies. It also intends to add a tenant lounge, café and fitness center.
Gensler Architects will lead the redevelopment design efforts. Jones Lang LaSalle will market the campus to both full-campus and multi-tenant users.
This is McCarthy Cook’s first venture with AllianceBernstein. The JV represented itself in this transaction. The seller, a real estate investment fund advised by LaSalle Investment Management, was represented by Lynn LaChapelle and Bob Prendergast of Jones Lang LaSalle.