Long Beach-based Harbor Associates has acquired the Cornerstone Corporate Center in Carlsbad, CA, from Salt Lake City-based Wasatch Group for $34.2 million. The four building, 177,917-square-foot Class A office park is located at 1900, 1902 and 1903 Wright Place, and 1917 Palomar Oaks Way, on approximately 14-acres.

Cushman & Wakefield’s Rick Reeder and Brad Tecca represented Wasatch, with CushWake’s Matty Sundberg and Justin Halenza providing leasing advisory services for the property which is currently 50% leased.

Developed between 1998 and 2001, the campus includes a single two-story building and a trio of three-story buildings.

According to Tecca, “Cornerstone Corporate Center, at only 50% leased, presents an interesting value add opportunity for the buyer. The property fits right into the wheelhouse of Carlsbad’s tenant demand, having the ability to accommodate small to mid-sized tenants that is driving absorption, and presenting the buyer with a clear path to stabilization.”

For comments, questions or concerns, please contact Chris Egger