August 22, 2016
JLL’s Capital Markets completed the sale of Wateridge Pointe, a pair of two-story office properties totaling 123,675 square feet, on behalf of Foster City, CA-based SteelWave. NY-based Angelo, Gordon & Co. purchased the two office assets for $28 million.
Wateridge Pointe is located off of I-5 and I-805 in the heart of Sorrento Mesa, CA, which is home to several of San Diego’s largest tech employers. The identical modern buildings were constructed in 1998.
JLL’s Lynn LaChapelle, Bob Prendergast and Sach Kirpalani handled the sale transaction. JLL’s Chad Urie and Tim Olson will continue as the leasing team for the buyer.
LaChapelle says, “The purchase of Wateridge Pointe allows the buyer to gain an institutional quality asset with value-add potential, in a tech-driven market that still has room for rent growth.”
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