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10/29/18
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Shorenstein Properties LLC has acquired Sorrento Towers North & South, consisting of two Class A office projects in San Diego totaling 565k sf in four buildings. Prominently located at the intersection of Interstates 5 and 805, Sorrento Towers North & South are situated at the gateway to Sorrento Mesa.
9330 Scranton Rd, Sorrento Mesa |
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First developed in 1989 and renovated in 2014, the North buildings consist of two seven-story structures totaling approximately 286k sf, located at 5355 and 5375 Mira Sorrento Place. Developed in 2001, the South buildings consist of two six-story structures totaling approximately 278k sf, located at 9276 and 9330 Scranton Road.
Offering superb freeway visibility and accessibility, Sorrento Towers feature high-image glass exteriors, modern building lobbies and common areas, outdoor lounge areas, modern fitness centers, state-of-the-art conference facilities and structured parking. The buildings are also ideally adjacent to the Sorrento Court (North) and Sorrento Plaza (South) retail centers. Notable companies with a large presence in the area include Qualcomm, Dexcom, Google, Sony, Verizon, TD Ameritrade, Samsung, Thermo Fisher Scientific, Quidel, NuVasive, and Time Warner.
Rick Reeder and Brad Tecca with Cushman & Wakefield’s Capital Markets services in San Diego advised Shorenstein on the transaction. The price was not given out.
“Shorenstein’s acquisition of Sorrento Towers confirms the increasing confidence investors have in the San Diego market as underlying leasing fundamentals continue to improve,” tecca commented. “Decreasing vacancy, rising rental rates and strong tenant demand, in addition to limited new construction across just about every submarket, has investors keying in on acquisition opportunities.”
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