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Photo courtesy: CBRE

Wateridge Pavilion Sold for $16.3 Million

Sorrento Mesa CA— CBRE announced that Premier Realty Holdings, Inc. acquired Wateridge Pavilion from Fenway Properties for $16,300,000. Located 10525 Vista Sorrento Parkway in the Sorrento Mesa submarket of San Diego, the three-story, 62,427-square-foot office building was 97 percent leased at the time of sale.

Louay Alsadek and Hunter Rowe of CBRE and Brett Ward, Michael Cassolato and Michael Mahoney of Cushman & Wakefield handled the transaction on behalf of the seller and buyer.

“Wateridge Pavilion generated significant interest from a wide variety of buyers due to its location, historically high occupancy and the quality of Fenway’s recent capital improvements,” Alsadek said.

San Diego-based Premier Realty Holdings, Inc. is a private investment firm led by Marc Barmazel. Premier Realty Holdings, Inc. plans to occupy space at Wateridge Pavilion.

Formed in 1999, Fenway owns, leases, and professionally manages commercial real estate and developable land throughout Southern California and the Phoenix metropolitan area. The company is actively expanding its investment footprint to include other primary markets within the Western U.S.