SAN DIEGO-Forester Properties Inc. has acquired 110 Plaza, a 325,977-square-foot downtown high-rise at 110 West A St., for an undisclosed amount. An industry source not involved in the deal puts it at around $80 million and says that Cornerstone Real Estate Trust was the seller.
Cushman & Wakefield has been selected to handle all marketing efforts for the 18-story tower. The acquisition marks the first class-A tower downtown to change hands since DiamondView Tower was sold in 2008 and reflects Forester’s long-term commitment to the Downtown San Diego office market, according to C&W.
Eastdil Secured negotiated the transaction on behalf of the seller, with Cushman & Wakefield supporting the underwriting process.
“Forester Properties’ goal is to differentiate 110 Plaza within a competitive class A office market that is over 95% institutionally owned by offering highly sought-out institutional oversight with a personal touch,” according to a prepared statement. Greg Forester, founder and president of Forester Properties, “will personally oversee all operations and be actively involved in creating a successful, stable environment for all 110 Plaza tenants.”
Forester says that “From the top of our organization down, Forester Properties has the right people to provide a quality product with outstanding service. We were able to obtain financing and close this transaction within 24 days of going under contract.”
He points out that “Within the first two weeks of close of escrow, and within just three days from the initial space tour, Forester Properties signed its first lease—a testament to our firm’s knowledge, expertise and ability to deliver results.” The Cushman & Wakefield team of Jim Laing, Matt Carlson and J.P. Huntington, will handle all marketing for the building, which was 90% leased at the time of sale.
The tower has views of San Diego Bay and Point Loma, as well as prime access from Interstate 5 and Highway 163. Features include recently upgraded common areas with high quality finishes, 24-hour security, on-site property management by CB Richard Ellis, and a Brothers Caf
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
