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