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7/10/19
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SoCal-based Tappan Corporation has acquired Sorrento Ridge, a 103.3k sf, three-story office building in the Miramar submarket of San Diego County. The price was undisclosed.
Sorrento Ridge sits on 4.38 acres at 7220 Trade St, just east of Camino Santa Fe and north of Miramar Rd in San Diego’s Central County, offering immediate access to Interstates 5 and 805. The property is also positioned on Camino Santa Fe’s new connecting thoroughfare and is near the Sorrento Plaza shopping center. Additionally, the new planned 3Roots residential community (1,800 housing units) is also just north of the site.
In 2017, the seller completed significant improvements to the property, originally built in the mid 1980s. The work entailed renovations and upgrades to the interior common areas and exterior amenities including a new bocce ball court.
Rick Reeder and Brad Tecca with Cushman & Wakefield’s Capital Markets in San Diego together with Brooks Campbell and Duncan Dodd of the firm’s Private Capital Group in San Diego represented the unnmaed seller in the transaction. Bill Cavanagh and Mike Novkov, also with C&W, provided local market advisory. The buyer was represented by Larry Glenn of Glendale Mortgage.
According to Campbell, Sorrento Ridge was nearly 60% leased at the time of sale to mainly smaller tenants representing a mix of professional services, engineering and tech—the largest occupant being less than 10k sf. In addition to the seller’s previous capital improvements, the building also features great natural light and an atrium courtyard style design that allows for easy flexibility for tenant occupancies.
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