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SAN DIEGO—Premier Realty Holdings has acquired Wateridge Pavilion from Fenway Properties for $16.3 million after generating interest from a wide variety of buyers due to its Sorrento Mesa location. The property, located at 10525 Vista Sorrento Pkwy., is a three-story, 62,427-square-foot office building that was 97% leased at the time of sale.

Louay Alsadek and Hunter Rowe of CBRE and Brett Ward, Michael Cassolato and Michael Mahoney of Cushman & Wakefield handled the transaction on behalf of the seller and buyer. According to Alsadek, “Wateridge Pavilion generated significant interest from a wide variety of buyers due to its location, historically high occupancy and the quality of Fenway's recent capital improvements.” Fenway owns, leases and professionally manages commercial real estate and developable land throughout Southern California and the Phoenix metropolitan area. The company is actively expanding its investment footprint to include other primary markets within the Western US. San Diego-based Premier is a private investment firm led by Marc Barmazel that plans to occupy space at Wateridge Pavilion.

Barmazel tells GlobeSt.com his plans for the property are to maintain it and do a few more upgrades. “The past owner did some pretty nice upgrades. I will be putting in a couple of different businesses there and will be occupying about 10,000 square feet when it becomes available. Other than that, I have a long-term-hold philosophy on the property.”