Newport Beach, CA (September 8, 2020) – Buchanan Street Partners, a Newport Beach, California-based real estate investment management firm, has completed the disposition of a 51,690-square-foot office building at 6059 Cornerstone Court West in San Diego, California for $20.6 million, or $398 per square foot.
Located within Cornerstone Heights Corporate Center, the building is 100 percent leased to Verimatrix, a San Diego-based company that specializes in content security for digital television services. The property was sold to a private buyer represented by Colliers International’s Senior Executive Vice President Joe Winkelmann.
Buchanan Street acquired the property in December 2014 as part of a two-building complex along with the adjacent 5959 Cornerstone Court West. The 2014 purchase price for the two-building complex was $23.1 million.
After executing a lease extension with Verimatrix, Buchanan Street began an extensive marketing campaign conducted by CBRE’s Matt Pourcho, Gary Stache, Anthony DeLorenzo and Bryan Johnson which continued throughout California’s mandated COVID-19 shutdown. Despite the effects of the pandemic, the property attained a high sales value given its stabilized tenancy and quality location.
“Office properties that are achieving the highest values are those which are fully leased with steady long-term income,” said Matt Haugen, vice president of Buchanan Street Partners. “With the property wholly-occupied by Verimatrix for another seven plus years, this predictable income stream was prized by buyers.”
ABOUT BUCHANAN STREET PARTNERS: Buchanan Street Partners is a real estate investment management firm based in Newport Beach, California that focuses on value-investing in both commercial and multifamily direct ownership and in making debt investments. The Buchanan team has invested through multiple real estate cycles, enabling them to identify opportunities and maximize value while prioritizing principal preservation. Learn more at www.buchananstreet.com.