Grubb & Ellis/BRE Commercial recently negotiated the sale of the Pacific Sorrento Technology Park in San Diego, Calif.
The value of the transaction was $31.9 million.
The park consists of three multitenant, office and R&D buildings comprised of a total of 110,469 square feet. The building located at 10110 Sorrento Valley Road is a 40,966-square-foot, three-story, multitenant office building. The other two buildings, located at 10130 and 10150 Sorrento Valley Road, are both single-story R&D buildings and are comprised of 22,090 square feet and 47,413 square feet, respectively. At the time of sale, the park was 100 percent leased to five tenants: Scripps Health, Beckman Coulter, Optimer Pharmaceuticals, MicroConstants and La Jolla Radiology.
The Pacific Sorrento Technology Park, originally constructed in 1980 and remodeled in 2000, is situated on 12 acres and features a lavish pond with a waterfall and lush landscaping. The seller was Pacific Sorrento Technology Park LLC. The buyer was Helf Investments.
San Diego-based Grubb & Ellis/BRE Commercial is a privately held commercial real estate brokerage firm operating in San Diego and Riverside counties.