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12/02/20
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Hill Properties purchased Environmental Plaza, a seven-building, 91.7k sf industrial campus in San Diego’s Sorrento Valley area. The asset was sold by a private family investment entity in a $15.3 mil ($167/sf) transaction.
Located at 4174-4206 Sorrento Valley Blvd, Environmental Plaza offers suites ranging from 1k sf to 4.2k sf in size. The property was 87% leased at the time of sale to 37 tenants. The site is one-half mile from the interchange between I-5 and I-805, connecting Sorrento Valley to the rest of San Diego County.
CBRE’s Matt Pourcho, Anthony DeLorenzo, Gary Stache, Bryan Johnson and Bill Dolan represented the seller in the transaction. The buyer was self-represented.
“It is extremely rare to be able to acquire such a stable, well-located asset in the increasingly tight industrial submarket of Central San Diego with in-place rents substantially below market,” said Pourcho. “We received a total of 21 offers and conducted 36 tours reflecting a record amount of interest in this property. We saw 1031 buyers, REITS and institutions at the table.”
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