|
|
10/20/21
|
Sorrento Heights, a two-building, 92.9k sf office project in Sorrento Mesa, was acquired by Bioscience Properties, Inc and Harrison Street in a $41.3 mil ($445/sf) transaction.
The property is located at 9980 and 10020 Huennekens St, at the confluence of San Diego’s surging life science and technology markets. The asset offers an opportunity for near-term conversion or ground-up development to a state-of-the-art life science campus.
Sorrento Heights includes two, two-story office buildings. The building at 9980 Huennekens Street comprises 60.3k sf, while 10020 Huennekens Street measures 32.5k sf in size. The project is situated on four contiguous parcels that total 5.23 acres.
An open breezeway and outdoor seating area join the two buildings, which offer an ample 4.6/1,000 square foot parking ratio. The property is 68% available, as the project’s largest tenant has placed the entirety of the 10020 Huennekens Street building on the market for sublease. This offers the new owner strong prospects for life science conversion or redevelopment.
Newmark Co-Head of U.S. Capital Markets Kevin Shannon and Executive Managing Directors Brunson Howard, Paul Jones and Ken White represented the seller, a fund managed by DRA Advisors LLC in partnership with Cypress Office Properties.
“The Sorrento Mesa life science and technology real estate market is extremely supply-constrained with very few sites remaining for future development,Shannon noted. “A state-of-the-art life science building in Sorrento Mesa, dependent on use specifics, carries an estimated replacement cost of well over $1,000 per square foot.”
According to a report from Newmark Research, the San Diego life sciences market is among the most established life sciences clusters in the country. 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 under 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.
|
|
 Return to the Archive page
|
|
|
|
|
Printer-friendly Version
Email an Associate
