Adam Edwards, of Eastdil Secured, represented the seller in the Deal of the Week.
The buyer represented itself.
The deal was the acquisition by EP Wateridge LLC, a partnership of the Chicago-based Equity Group Investments and Matt Root's San Diego-based Parallel Capital Partners, of the three-building Wateridge Plaza office complex in Sorrento Mesa at 10201, 10221 and 10241 Wateridge Circle, San Diego, for $72.5 million.
The property consists of three buildings of five and six stories totaling 278,787 square feet, and a parking structure. The 8-acre property can also accommodate an approximately 168,000 additional square feet of office space.
The new ownership financed the acquisition with a loan of $52 million from H2 Financial Funding.
The seller was Wateridge Office Plaza LLC, a partnership controlled by Beacon Capital and C-III Realty, which acquired the property in 2011 for $50.5 million.