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9/10/21
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Phase 3 Real Estate Partners purchased a vacant, two-story, 40.8k sf office/flex building in Sorrento Mesa. The building, sitting on 2.9 acres of land at 10170 Sorrento Valley Rd, is a good candidate for conversion or ground-up development to a state-of-the-art life science facility.
The property is situated at the nexus of Sorrento Valley and Sorrento Mesa, two of the most active life science and technology clusters in the San Diego market. The property is fully vacant, allowing the buyer the opportunity to execute its “highest and best” vision, leveraging the surging life science fundamentals in the Sorrento marketplace.
Brunson Howard, Kevin Shannon, Paul Jones, Ken White, Steve Bruce and Chris High with Newmark represented the seller, CIRE Equity.
“The Sorrento Mesa life science and technology real estate market is extremely supply-constrained with very few sites remaining for future development,” said Howard. “This property offers a true, blank-slate, value-add opportunity to deliver state-of-the-art life science improvements in a surging innovation cluster in coastal San Diego.”
According to a new report from Newmark Research, the San Diego life sciences market is among the country's most established life sciences clusters. Along with Boston and San Francisco, San Diego is a primary epicenter of life sciences activity. The three markets combined have an estimated 16.6 msf of lab space under construction and renovation, with another 54.5 msf proposed. San Diego ranks third in the report’s proprietary Life Science Index, which scores clusters based on factors such as market maturity, market momentum, demographic and structural components supporting life sciences, and future growth potential.
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