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Harbor Associates/Platform Ventures JV Acquire Suburban San Diego Office Campus
By: Harbor Associates
Built in phases between 1998 and 2001, Cornerstone Corporate Center features four low-rise Class A office buildings ranging in size from 33,000 to 50,000 square feet on a 14-acre site. Common area amenities include a fitness center with men's and women's locker facilities, sand volleyball court, lap pool and spa, and outdoor eating areas with barbecues.
Harbor, whose San Diego office portfolio includes more than 500,000 square feet, plans a multimillion dollar capital improvement program that will include a complete renovation of all building lobbies and corridors, the creation of new outdoor collaboration areas, upgrading the existing lap pool, relocation and expansion of the fitness center, and a complete refresh of campus landscaping.
Located at 1900 – 1903 Wright Place and 1917 Palomar Oaks Rd, the office campus benefits from an outstanding North San Diego County location, less than three miles from the Pacific Ocean and approximately 35 miles north of Downtown San Diego. The acquisition of Cornerstone Corporate Centers provided us an excellent opportunity to enter the growing Carlsbad office market, according to Harbor Principal Justin Loiacono.
"Major employers are leveraging Carlsbad's quality of life and coastal location to attract and retain workers," said Loiacono. "We intend to create an attractive workplace environment by adding relevant on-site amenities to create a best-in-class office campus for companies looking to be in Carlsbad."
"This acquisition fits our investment themes and allow us to work with an experienced local sponsorship group in a market exhibiting strong fundamentals, added Platform Senior Vice President Brian Douglas, "We're looking for additional value add investments in primary Southern California submarkets."
This is the third investment for the Harbor/Platform joint venture in the past six months. Previous acquisitions include a 114,000-square-
Rick Reeder and Brad Tecca of Cushman and Wakefield advised the seller on the transaction.
About Harbor: Harbor Associates, LLC (http://www.harborassociates.com) is a value-add operating platform focused on acquiring and repositioning under-performing commercial real estate assets throughout Southern California and Denver. Harbor has been involved in the renovation, repositioning and development of 27 office projects totaling over 3.5 million square feet with a portfolio value in excess of $1.0B. The company is a joint venture with The Bascom Group, LLC.
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