{"id":1004297597,"date":"2019-02-10T22:50:03","date_gmt":"2019-02-11T06:50:03","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004297597"},"modified":"2019-02-10T22:52:17","modified_gmt":"2019-02-11T06:52:17","slug":"omninet-sells-san-diego-office-complex-for-19m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/omninet-sells-san-diego-office-complex-for-19m\/","title":{"rendered":"Omninet Sells San Diego Office Complex for $19M"},"content":{"rendered":"
\"Cornerstone<\/a>

Cornerstone Plaza<\/p><\/div>\n

Newmark Knight Frank has closed the $18.9 million sale of Cornerstone Plaza, a two-building office property totaling 97,316 square feet in San Diego\u2019s Sorrento Mesa submarket. Omninet Capital sold the asset to Bridge Investment Group, marking the buyer\u2019s entrance into the San Diego office market.<\/p>\n

Located at 6160 and 6170 Cornerstone Court E., the property was constructed in 1996 and features controlled access. The two- and three-story buildings are connected through a furnished outside gathering space, which provides tenants with a water feature and collaborative spaces. Cornerstone Plaza\u2019s roster includes companies such as Broadcast Co. of the Americas, Robbins Research International and Bentley Systems. The property was 67 percent leased at the time of sale.<\/p>\n

Hands-on representation<\/h2>\n

NKF\u2019 Co-Head of U.S. Capital Markets Kevin Shannon, Executive Managing Directors Brunson Howard, Paul Jones and Ken White, along with Senior Managing Director Rick Stumm and Andrew Pascale, represented the seller. Bridge Investment Group opted for in-house representation. Earlier this year, the company acquired Station Square, a Class A office complex<\/a> in Silver Spring, Md.<\/p>\n

“Sorrento Mesa is centrally located and has long been San Diego’s premier and most dynamic and active technology-oriented submarket,”<\/em> Howard said in prepared remarks. “Cornerstone Plaza is highly flexible, institutional quality real estate with immediate value-add potential. Buyers were attracted to an increasingly rare opportunity to unlock additional value both in leasing up the existing vacancy and upgrading its multiple indoor and outdoor common areas.”<\/em><\/p>\n

According to Yardi Matrix data, Cornerstone Plaza previously sold for $17.7 million in November 2015, when Omninet acquired it from LBA Realty. The property\u2019s location provides easy access to the I-5\/I-805 interchange, while the Interstate 805 HOV\/Carroll Canyon project provides an alternative for direct access to Cornerstone Plaza via Carrol Canyon to Pacific Heights Boulevard.<\/p>\n

Image courtesy of Yardi Matrix<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The transaction marks the buyer\u2019s entrance into the metro\u2019s office market. A Newmark Knight Frank team brokered the deal on behalf of the seller.<\/p>\n","protected":false},"author":240,"featured_media":1004297603,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21783,21742,21747,1608,15],"tags":[43553,38163,33532,36007,35009,33531],"class_list":["post-1004297597","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-investment","category-latest","category-office","category-san-diego","category-west","tag-bridge-investment-group","tag-ken-white","tag-kevin-shannon","tag-newmark-knight-frank","tag-omninet-capital-llc","tag-paul-jones"],"acf":[],"yoast_head":"\nOmninet Sells San Diego Office Complex for $19M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/omninet-sells-san-diego-office-complex-for-19m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Omninet Sells San Diego Office Complex for $19M\" \/>\n<meta property=\"og:description\" content=\"The transaction marks the buyer\u2019s entrance into the metro\u2019s office market. A Newmark Knight Frank team brokered the deal on behalf of the seller.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/omninet-sells-san-diego-office-complex-for-19m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2019-02-11T06:50:03+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-02-11T06:52:17+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/02\/9724.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"605\" \/>\n\t<meta property=\"og:image:height\" content=\"454\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Timea-Erika Papp\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/omninet-sells-san-diego-office-complex-for-19m\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/omninet-sells-san-diego-office-complex-for-19m\/\",\"name\":\"Omninet Sells San Diego Office Complex for $19M - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/omninet-sells-san-diego-office-complex-for-19m\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/omninet-sells-san-diego-office-complex-for-19m\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/02\/9724.jpg\",\"datePublished\":\"2019-02-11T06:50:03+00:00\",\"dateModified\":\"2019-02-11T06:52:17+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/f58a713dcbdcb5aab2648af2aa04d6ae\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/omninet-sells-san-diego-office-complex-for-19m\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/omninet-sells-san-diego-office-complex-for-19m\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/omninet-sells-san-diego-office-complex-for-19m\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/02\/9724.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/02\/9724.jpg\",\"width\":605,\"height\":454,\"caption\":\"Cornerstone Plaza\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/omninet-sells-san-diego-office-complex-for-19m\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.commercialsearch.com\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Omninet Sells San Diego Office Complex for $19M\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/\",\"name\":\"Commercial Property Executive\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/f58a713dcbdcb5aab2648af2aa04d6ae\",\"name\":\"Timea-Erika Papp\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/1abbd000efb56bab071b49e7aa22c0d49e96fb0374efdef0909c7744785579a7?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/1abbd000efb56bab071b49e7aa22c0d49e96fb0374efdef0909c7744785579a7?s=96&d=mm&r=g\",\"caption\":\"Timea-Erika Papp\"},\"description\":\"Timea is a senior writer covering CRE marketing, tech and real estate trends, as well as industry news in the U.S. Timea was previously a senior associate editor at Multi-Housing News and Commercial Property Executive and has an academic background in law. 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