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4/08/14
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Alexandria Real Estate Equities has purchased Sorrento Science Park, a three-building, 42.2k sf life science and R&D project in San Diego’s Sorrento Valley, for $12.25 mil ($290/sf). The acquisition is the largest of the year in this submarket and the REIT’s second in the area over the same period.
Sorrento Science Park is located at 4025, 4031 and 4045 Sorrento Valley Blvd. It is directly adjacent to Alexandria’s Sorrento Research Facility and just blocks from three buildings the REIT purchased on Roselle Street (from Sanofi) earlier this year. Tenants in Sorrento Science Park include Pathway Genomics, LPath and AT&T.
“Alexandria’s focus on meeting the diverse space needs of the life science industry has driven its interest in Sorrento Valley, a highly sought after location by firms wanting close proximity to San Diego’s biotech hub,” said Brian Starck, senior vice president with Cassidy Turley’s San Diego office. “With virtually no land available for new development in this area, well-positioned properties such as Sorrento Science Park offer tremendous upside.”
Starck, along with Cassidy Turley Senior Managing Director Dave Odmark, represented Alexandria in the transaction. They also represented the seller, Del Mar Partnership.
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