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2/12/20
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An 18.8k sf office building in Sorrento Mesa sold for $4.05 mil ($215/sf). Located at 4920 Carroll Canyon Rd, the building sits on a one-acre lot and was originally built in 1986.
The two-story property, which features floor-to-ceiling glass in select areas, high ceilings and skylights was vacant at the time of the sale with the exception of one tenant occupying approximately 2.8k sf. The new buyer plans to occupy the building.
The property is one block from the I-805 Fwy, which connects Sorrento Mesa to the rest of San Diego County. The building is within walking distance to the retail center Sorrento Plaza and less than three miles from the Westfield UTC mall. The site is two miles from the Sorrento Valley Station, providing mass transit connectivity to the area.
CBRE’s Scott Kincaid represented the seller, a private investor. The undisclosed buyer was repped by an outside broker.
“This asset is well-located in the thriving Sorrento Mesa office market and on a street that has seen a tremendous amount of growth and demand over the recent years,” said Kincaid.
Leasing activity and net absorption figures signaled a strong and stable office market in San Diego in the third quarter of 2019, according to a recent CBRE research report.
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