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Longfellow Real Estate Partners Closes Biz Park Buy in San Diego’s Sorrento Mesa Area

5/22/20

In a recent San Diego biz campus buy, Longfellow Real Estate Partners purchased Sorrento Tech campus in Sorrento Mesa for $39 mil. The property is comprised of three creative office/R&D buildings totaling more than 93.5k sf ($417/sf) of space.

The campus is located at 10070, 10140, and 10180 Barnes Canyon Rd. It is currently 100% leased to CV Sciences, TorreyCove Capital Partners, L3 Technologies, and Ron’s Pharmacy.

The asset was sold by BLT Enterprises, who, during their four-year ownership of the property, implemented a strategic repositioning plan, driving up the value and bringing the campus to 100% occupancy. The firm’s renovations to the campus included transforming a 35k sf raw industrial space into innovative creative office product, offering an open floor plan, complete with three executive offices, a large conference room, an upgraded kitchen, and outdoor patio.

“We purchased the buildings mid cycle following the Great Recession, recognizing the value of their central location in a booming submarket,” said BLT Founder and President Bernard Huberman, noting that at the time, one-third of the project was vacant, functionally obsolete space, and two of the buildings had been distressed assets purchased from the prior lender. “We completed a range of light-to-heavy upgrades and the campus has now been fully leased to multiple tenants for several years.”

“As Sorrento Mesa has increasingly distinguished itself as one of San Diego’s biotech and life science hubs, we envision that the strategic next step for the Sorrento Tech campus will be to invest heavily in tailoring the facilities to life sciences and biotech companies,” explains Huberman. “Because that is not currently within our core focus, and with demand and construction activity at a high in the submarket, we decided now was a prime opportunity to sell.”

Ron Jacobson of SD Realty Partners, along with Rick Reeder and Brad Tecca of Cushman & Wakefield, completed the transaction on behalf of both the buyer and the seller.





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