American Specialty Health Inc. has renewed its nearly 200K SF lease with landlord Parallel Capital Partners at The Elements at Wateridge for over 10 years.
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The three-building, five-story Class-A office complex at 10201 Wateridge Circle and 10221/10241 Wateridge Circle in San Diego’s Sorrento Mesa neighborhood was acquired by a JV of Parallel Capital and Equity Group Investments in 2014. The buyers paid $72.5M to Beacon Capital Partners and C-III Realty for the property.
Since then, ownership has undertaken more than $3.5M in capital improvements, including upgrades to common areas, a fitness center revamp, new landscaping incorporating seating areas adjacent to water features, a new outdoor workout area and painted exteriors.
American Specialty Health occupies a significant chunk of the 278K SF complex. The company provides specialty healthcare networks and programs, and health, fitness and exercise programs for health plans, insurance carriers and employer groups.
The property is near the University of California, San Diego, the San Diego Supercomputer Center and Scripps Research Institute, among other research facilities. Sorrento Mesa is a nexus for companies specializing in communications technologies, software development, life sciences, biomed and pharmaceutical research.
The brokers for the transaction were CBRE's Mike Hoeck and Matt Carlson, and the outside broker was ALT+CO.
