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3/03/08
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A 6.58-acre, 99k sf campus occupied by The Dow Chemical Company was acquired by Embarcadero Capital Partners in a recent San Diego-area transaction estimated by local pros to be worth well over $18 mil ($182+/sf). The four-building development, located southeast of the I-805/I-5 merge at 5451 & 5501 Oberlin Dr and 4940 & 4980 Carroll Canyon Rd, includes three one-story lab/office buildings and one corporate headquarters/R&D building. The project is comprised of approximately 60 percent office space and 40 percent lab facilities.
The property is being sold by Dow, which will leaseback the entire facility until March 2008 when it will consolidate its operations and continue leasing approximately 30k sf in two buildings for five years.
Louay Alsadek, Jeff Cutler, Jerry Keeney and Evan August of CB Richard Ellis handled the transaction for both parties. According to end of year figures from CBRE, vacancy rates for all product types in the Sorrento Mesa market are in single digits, with no product class above 7%.
San Francisco-based Embarcadero Capital Partners is a real estate investment and management firm that has raised over $400 mil of equity capital in three closed-end funds. Investors include leading endowments, foundations, fund-of-fund investors and family offices.
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