Cornerstone Sells Bayview Plaza for $40M

SAN MATEO, CA-A 12-story office tower and four adjacent one- and two-story office buildings here known as Bayview Plaza have sold for approximately $40 million. Cornerstone Properties sold the 199,442-sf (net rentable) complex to locally based Sares Regis Group of Northern California and an investment client managed by BlackRock. Capmark Financial Group of San Mateo financed the acquisition.

Located at 2121 South El Camino Real, Bayview Plaza is home to one of the few high-rise structures in the immediate area. The new ownership plans to invest $10 million renovate the property and leasing it up. Occupancy is currently 81%. Tenants include BrownTrout, Enkata Technologies, Gurnick Academy and Bayview Lending. The property includes 622 parking spaces.