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7/11/19
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San Diego-based Parallel Capital Partners has acquired Sky Park Office Plaza, a two-building, 203.3k sf office complex in San Diego’s Kearny Mesa area, for $50.6 mil ($249/sf). The Class A property covers 5.8 acres at 9275 and 9325 Sky Park Ct, west of I-15 and south of Balboa Ave.
The property – acquired from Blackstone/Equity Office Properties – was built in 1986 and is comprised of three- and four-story glass and concrete buildings with steel frame construction and large flexible floor plates, as well as an onsite café and full-service gym. The property is 96% leased to a diversified tenant mix with major tenants including Union Bank, Qualcomm, Liberty Mutual Insurance, The Travelers Indemnity Company and Molina Healthcare.
HFF’s Nick Psyllos and Michael Leggett represented the seller in the deal. Parallel repped itself in the transaction. With this buy, Parallel has over 4.5 msf of office, industrial and retail space in its portfolio.
According to Matt Root, CEO of Parallel Capital Partners, the complex was an appealing acquisition for multiple reasons. “The property is ideally located with close access to I-15, I-8, I-805 and I-5 in San Diego’s strongest infill suburban submarket,” he said. “Fueled by strong tenant demand, Kearny Mesa is the best performing submarket in the region with consistently low vacancy rates. Sky Park is also situated within the Kearny Mesa Community Plan Update boundary, which will stimulate future growth by allowing for higher residential density while promoting a vibrant live-work-play environment.”
Although the property has undergone multiple upgrades over the years, Parallel plans to invest approximately $1 mil in renovations, including façade upgrades and improvements to building finishes.
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