The Point Sells for $90M, Sets Local Record

SAN DIEGO-In the largest non-portfolio office sale in San Diego so far this year, the Point, a three-building office/R&D project totaling 287,490 sf, has sold for $90 million. The class A project was sold to a joint venture between Cisterra Partners LLC and Prudential Real Estate Investors. The seller was LaSalle Investment Management Inc.

The Point, which includes two four-story office buildings, each with 93,699 sf, and an adjacent 100,092-sf office and R&D building, is located off the I-15 in Rancho Bernardo. “The area is gaining notoriety as a premier corporate location,” says Jason Wood, senior vice president of financing and leasing, with Cisterra Partners. Wood adds that the latest buy brings the firm’s portfolio to more than 800,000 sf in San Diego County.

Lynn LaChapelle, senior vice president and principal with Burnham Real Estate, along with Burnham’s Bob Prendergast, Tom van Betten and Marc Posthumus represented both the buyer and the seller in the transaction. The Burnham team will continue to handle leasing efforts for the project.