Wednesday, May 25, 2016

HFF closes $26.05 million sale of and secures $18 million financing for 4-building San Diego, CA business park

Sorrento Pines Business Park,  4106, 4110, 4116 and 4122 Sorrento Valley Boulevard,
San Diego, CA
Nick Psyllos
 SAN DIEGO, CA –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the $26.05 million sale of and secured $18 million in acquisition financing for Sorrento Pines Business Park, a fully-leased, four-building, multi-tenant business park totaling 114,656 square feet in the Sorrento Valley submarket of San Diego, California.

HFF marketed the property on behalf of the seller, Parallel Capital Partners, Inc.  Webb Management & Investments, LLC purchased the asset free and clear of existing debt.  Additionally, HFF worked on behalf of the buyer to place the 10-year, fixed-rate acquisition loan with CCRE.  HFF will service the securitized loan.

Sorrento Pines Business Park, which was built in 1979 and extensively renovated in 2012, is 100 percent leased to a diverse tenant roster that includes Bastyr University and Pall Corporation, a wholly owned subsidiary of Danaher Corporation (NYSE: DHR, S&P: A).

The property, located at 4106, 4110, 4116 and 4122 Sorrento Valley Boulevard, features a mix of office, flex and industrial space and has immediate access to two of San Diego’s main arteries, Interstates 5 and 805.  The facility is also within walking distance to the Sorrento Valley COASTER station.

Nick Frasco
The Sorrento Valley submarket, which is surrounded by the prestigious UTC, Del Mar Heights, Torrey Pines and Sorrento Valley areas, is a mature, infill submarket that has evolved into an innovative hub for creative office, life science and other high-end users.

HFF’s investment sales team represented the seller and was led by senior managing director Nick Psyllos and director Nick Frasco.

The HFF debt placement team representing the borrower was led by director Greg Brown.

 For a complete copy of the company’s news release, please contact:

Kristen M. Murphy
Director, Marketing
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 |

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