Buchanan Street Spends $43M on Local Properties
Buchanan Street Partners has doubled down on San Diego office, picking up two area properties: Carlsbad Airport Corporate Center for $19.5M from Pacific Realty Advisors, and Cornerstone Heights Corporate Center in Sorrento Mesa from a JV between Lincoln Property Co and Artemis Real Estate Partners for $23.1M in an all-cash transaction. Buchanan's Tim Ballard (here), says the Carlsbad Airport asset was purchased to grow the company's portfolio with stabilized office assets in markets that are in high demand by tech companies. DTZ's Rick Reeder and Brad Tecca brokered both sales.
The Carlsbad Airport project is a two-building, 120k SF office project off 1950 Camino Vida Roble, in a market that not only has seen a drop in vacancies, but has little land for new development. Cornerstone Heights was bought for different reasons: namely how the 98k SF office complex is located in the heart of San Diego's tech hub. Tenants in the building include Verimatrix, Konica Minolta Business Solutions and Tillster.
