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6/23/14
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A three-project office portfolio in Sorrento Mesa was acquired by a partnership of DRA Advisors LLC and Cypress Office Properties LLC for $40.15 mil. The properties, totaling 190.2k sf ($211/sf) in four buildings, were sold by TA Associates Realty. The properties are 100% leased.
The Sorrento Mesa office portfolio comprises 5910 Pacific Center, a three-story building set on 2.47 acres with 50.9k sf; Pacific Heights Plaza, a two-story, 51.3k sf building set on 2.82 acres at 9985 Pacific Heights Blvd; and Sorrento Heights, a two-building project totaling 88k sf on a 5.2-acre site at 10020 and 9980 Huennekens St.
The projects are occupied by tenants across a diverse range of industries, including defense, technology, retail and marketing. Major tenants include Harte-Hanks Intelligence Inc, Solera Wireless and Tearlab Corp in Sorrento Heights; Charlotte Russe Inc, in Pacific Center; and Raytheon Co and DPR Construction in Pacific Heights Plaza.
Cassidy Turley Executive Managing Director Rick Reeder and Managing Director Brad Tecca represented the seller and buyer in the transaction.
“These are high quality office assets, featuring exceptional architectural detail and finishes and superb locations within Sorrento Mesa, one of the world’s leading technology hubs with industry giants including Qualcomm, Samsung and Sony,” said Reeder. “All three projects are stabilized with strong credit tenants for secure cash flow and fixed income growth. With in-place rents significantly below current market rents, the portfolio offers the ability to enhance value in a market with outstanding tenant demand and significant barriers to entry, including declining vacancy and no new speculative construction.”
DRA and Cypress plan to upgrade the common areas of each building within the portfolio. This strategy is expected to strengthen each project’s position within the Sorrento Mesa submarket and improve tenant retention and new leasing efforts.
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