|
5/17/16
|
Webb Management & Investments LLC purchased Sorrento Pines Business Park, a fully-leased, four-building, multi-tenant business park totaling 114.7k sf in San Diego’s Sorrento Valley submarket, for $26.05 mil, or $227/sf. The asset, which was acquired free and clear of debt, was sold by Parallel Capital Partners Inc.
Sorrento Pines Business Park, which was built in 1979 and extensively renovated in 2012, is 100 percent leased to a diverse tenant roster that includes Bastyr University and Pall Corporation, a wholly owned subsidiary of Danaher Corporation. The property, located at 4106, 4110, 4116 and 4122 Sorrento Valley Blvd, features a mix of office, flex and industrial space and has immediate access to two of San Diego’s main arteries, Interstates 5 and 805. The facility is also within walking distance to the Sorrento Valley COASTER station.
Nick Psyllos and Nick Frasco of HFF represented the seller in the deal. In addition, HFF’s Greg Brown arranged $18 mil in acquisition financing for the purchase. The 10-year, fixed-rate loan was funded through CCRE. HFF will service the securitized loan.
|
|
Return to the Archive page
|
|
|
|
|