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1/24/20
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A NoCal-based private investor paid $9 mil for Sorrento Plaza, a fully occupied, 11.9k sf ($756/sf) shopping center in the Sorrento Valley submarket of San Diego. The 100% occupied property includes Subway, Rubio’s Coastal Grill, Opera Patisserie, Croutons and a dental clinic.
Built in 2007, the property is situated on just under one acre of land at 9254 Scranton Rd, about 17 miles from downtown San Diego. The property offers easy access to the 5 and 805 freeways.
Sorrento Plaza is near millions of square feet of office properties which provide a strong customer base for the tenants and a daytime population of more than 240,000. Nearby companies include PWC Consulting, Wells Fargo, and a number of biotech firms.
Sam Hanna with SRS’ National Net Lease Group represented the buyer in the deal. The seller, Wells Fargo, as the successor trustee, was repped by Rick Putkammer and Bill Rose of Marcus & Millichap. The property closed at a cap rate of 5.89%.
“Our client liked this asset as it offered internet-proof tenancy with a majority of tenants being in the dining category,” said Hanna. “With an abundance of professionals working at nearby companies – many of which are life science and biotech – Sorrento Plaza is poised to see long-term appreciation and rental growth.”
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