CARLSBAD, CA-In a move that makes Wasatch Commercial Management a leading player among office landlords in north San Diego County, the company has acquired six class-A office buildings here for $62 million.
Rick Reeder, Brian Driscoll and Brad Tecca of Cassidy Turley BRE Commercial represented Wasatch Commercial Management as well as the sellers, the Allen Group TA Associates Realty and Pacific Office Properties in the building sales.
“Wasatch likes to have a concentration of office space in any market they invest in,” Reeder says of the buyer. In Salt Lake City, the company has acquired nearly 3 million square feet of office space. The north San Diego County purchases make Wasatch “one of the top players in the Palomar Airport Corridor,” he adds.
The strategy of buying buildings in concentration in particular markets makes Wasatch similar to The Irvine Co., according to Reeder. Additionally, “like the Irvine Co., Wasatch also has a large-scale homebuilder in the Western US, with about 16,000 homes to its credit.
The deal includes 1000 Aviara Pkwy., which went for $13.7 million; the four-building Cornerstone Corporate Centre ($38.8 million) and Palomar Heights Corporate Center ($14.6 million.)
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