SAN DIEGO—Expanding its San Diego footprint and adding nearly 300,000 square feet to its portfolio, Parallel Capital Partners, Inc. has acquired a three-building class A office complex in Sorrento Mesa for $72.5 million.

Parallel purchased the project, known as Wateridge Plaza, in a joint venture with Equity Group Investments, a Chicago-based private investment firm founded by famed entrepreneur Sam Zell, from a partnership of Beacon Capital Partners and C-III Realty. The broker for the seller was Adam Edwards, Eastdil Secured.

Constructed in 1984, the office campus—located at 10201, 10221 and 10241 Wateridge Circle—consists of three five- and six-story buildings totaling 278,787 square feet, as well as a parking complex. The eight-acre project includes future development potential of approximately 168,000 additional square feet of Class A office space. The complex, which was renovated in 2012, includes a cascading courtyard waterfall, full-service bistro, fitness center with lockers and steam room, structured parking and access to volleyball and tennis courts, barbecues and hiking trails. American Specialty Health and Eddy M's Bistro are among the tenants of the complex, which currently has an occupancy rate of 72%.