SAN DIEGO – H.G. Fenton Company announces that it has expanded its office and industrial portfolio with the $14,015,000 acquisition of Cornerstone Business Center, a 114,000-square-foot business park located at 6181-6199 Cornerstone Ct. East in the Sorrento Mesa area of San Diego.
“We continue to seek quality, well-located office and industrial projects that will support our mission of providing quality places for people to live and work,” said Buddy Bohrer, director of acquisitions and dispositions with H.G. Fenton Company. “San Diego is a strong entrepreneurial business environment, and we are actively looking for well-positioned multi-tenant properties that will meet the needs of small- to medium-sized businesses.”
Cornerstone Business Center, which encompasses four office and R&D buildings, was acquired through a 1031 exchange involving the sale of Lot 6 in H.G. Fenton Company’s Fenton Technology Park in Sorrento Mesa. The purchase brings H.G. Fenton Company’s Sorrento Mesa/Miramar-area portfolio to 1,035,259 square feet.
“Cornerstone Business Center appealed to us because of its outstanding location and stable roster of quality tenants,” said Bohrer. “With very little land available for development in the popular mid-county markets, there is steady tenant demand for projects such as Cornerstone. Growing our portfolio in these popular areas allows us to serve more companies who want centrally-located, well-maintained work environments they can be proud of.”
Now into its second century of service in San Diego, H.G. Fenton Company owns and manages a San Diego County commercial real estate portfolio totaling over 3 million square feet of space and an apartment portfolio totaling 3,000 units in 12 communities. The company is steadfastly committed to meeting the needs of its commercial tenants over time by providing a wide variety of space options in key areas throughout the county along with attentive and responsive management service.
H.G. Fenton Company plans to renovate Cornerstone Business Center with upgraded landscaping, parking lot improvements and new roofs.
The park is 89 percent leased to tenants including Hitachi High Technologies of America, Continental Lab Products, Axxora Inc., and Henry Schein, Inc. It is conveniently located near Mira Mesa Boulevard and Interstate 805, and offers on-site amenities including a deli, attractive common areas, ample surface parking and WiFi.
In the transaction, H.G. Fenton Company and the seller, The Realty Associates Fund VI, L.P., c/o TA Associates Realty, were represented by Rick Reeder and Brad Tecca of Cassidy/Turley BRE Commercial. Bryce Aberg and Brant Aberg of Cassidy/Turley will continue to lease the property.
For more information on H.G. Fenton Company, visit www.hgfenton.com.
About H.G. Fenton Company
H.G. Fenton Company has proudly entered its second century of service providing quality places for people to live and work. The company manages a development pipeline of land and commercial projects, over 3 million square feet of office and industrial space, and 12 apartment communities totaling 3,000 homes. For more information visit www.hgfenton.com.