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Lincoln buys Cornerstone Heights Corporate Center

Cornerstone Heights Corporate Center, the two-building office property, at 5959 and 6059 Cornerstone Court West in San Diego 92121, has been sold for $14.1 million.


The buyer was AREP LO Cornerstone LLC, care of Lincoln Property Co., 600 B St., Suite 2480, San Diego 92101. The buyer is a joint venture partnership of Lincoln and Artemis Real Estate Partners. The seller of the property (341-370-18 and 19) was The Realty Associates Fund VI L.P.

The seller was represented by Rick Reeder and Brad Tecca, of Cassidy Turley San Diego. The buyer represented itself.

The twin buildings total 97,945 square feet and were completely renovated in 2007.

Also in December, Lincoln and Angelo Gordon & Co. bought 600 B Street office tower in downtown San Diego.

Throughout Southern California, Lincoln owns and manages more than 11 million square feet of office, industrial and retail property. Realty Associates has also been active in San Diego County.

In December it sold the five-story, 95,811-square-foot Regents Park Financing Center at 4180 La Jolla Village Drive for $28.95 million.

In other activity, the company in summer 2010 sold the four-building, 115,000 square-foot office/industrial Cornerstone Business Center at 6181-6199 Cornerstone Court East for $14 million. Realty Associates paid $10.7 million in May 2002.

In early 2004, Realty Associates acquired the three-building Metroplex Technology Center at 8909, 8949 and 8969 Kenamar Drive in Miramar for $10 million.

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