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| Sorrento Pines Business Park, 4106, 4110, 4116 and 4122 Sorrento Valley Boulevard, San Diego, CA |
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| 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.
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| 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 | www.hfflp.com
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