Boston-based TA Associates Realty has paid $9.4 million for the Fieldstone Plaza Building at 5465 Morehouse Drive in Sorrento Mesa.
The 44,307-square-foot building had been largely occupied by Fieldstone Communities for decades. Today it is currently partially occupied by the Fieldstone Foundation and the Johnson Foundation nonprofits that operate out of considerably smaller offices than when the property was used for homebuilding operations. The homebuilding offices continue to operate in Orange County and elsewhere.
The seller of the building was a unit of Menlo Equities, a privately-held commercial real estate investment firm.
The CBRE Institutional Investment Properties team of Louay Alsadek, Evan August, Hunter Rowe and Brad Black represented the seller. The buyer represented itself.
The Fieldstone Plaza building was previously sold for $11.15 million in July 2007.
Aside from Fieldstone, tenants include Civita masterplan developer Sudberry Properties and Webcor Builders among others.
The two-story building was built in 1986 and is situated on a 1.99-acre lot less than one mile from the Interstate 805/Mira Mesa Boulevard interchange. The project was 92 percent occupied at the time of sale.