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8/26/15
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The Festival Companies, out of Los Angeles, purchased Sorrento Court, a 55k sf retail center in San Diego’s Sorrento Mesa submarket. The 96%-leased property was purchased with a $21.1 mil loan arranged by Meridian Capital Group.
Sorrento Court is located at 9420-9460 Scranton Rd and includes 17 quick-service restaurants that serve the office space users in the area. Major national tenants include Starbucks, Jamba Juice, Staples, Bank of America and JP Morgan Chase. The property is adjacent to a two-building, 1.1 msf Class A office complex, in addition to being in immediate proximity to more than 5 msf of Qualcomm office buildings.
Meridian’s Seth Grossman and Andy Strauss arranged the 36-month loan, provided by a debt fund. The financing features full-term interest-only payments, a floating-rate in the low-4.00% range and two 12-month extension options.
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