SAN DIEGO, Jan. 13, 2020 – Institutional Property Advisors (IPA), announced today the sale of Sorrento Plaza, a 11,901-square-foot commercial building that is part of The Foundry, a 280,000-square-foot office campus in San Diego. The property sold for $9 million, which provides the investor with an initial going-in yield of 5.89%. Marcus & Millichap Capital Corp. (MMCC) arranged $4.5 million in acquisition financing.
“Surrounded by more than 2.6 million square feet of office space, the center’s daily-need tenant mix provides quick sit-down dining and dental services to a daytime population of more than 241,000 people within a five-mile radius,” said Rick Puttkammer, vice president investments who led the property’s marketing. Puttkammer and Bill Rose, IPA senior managing director, represented the seller, Wells Fargo, as the successor trustee. The buyer is a private San Francisco Bay Area-based real estate investor represented by Sam Hanna, a senior vice president with SRS Real Estate Partners. Chad O’Connor, senior managing director capital markets with MMCC arranged the financing.
“All parties worked towards a mutually beneficial transaction that established a new high-water mark in the highly competitive Sorrento Valley submarket, which boasts exceptional demographics, a well-educated workforce, and increasing tenant demand,” added Rose.
Completed in 2007, Sorrento Plaza is located on Scranton Road at Interstate 805 and Mira Mesa Boulevard. Major employers such as Qualcomm, Pfizer Inc., Google, Optimer Pharmaceuticals and Sony Interactive Entertainment are within walking distance. The University of California, San Diego is less than three miles away. The soon-to-be-completed Mid-Coast Trolley, a $2.1 billion public transportation project, will connect the area to Downtown San Diego. Sorrento Plaza’s tenants include Rubio’s Coastal Grill, Opera Patisserie, Croutons, Subway and a dental clinic.
# # #
About Institutional Property Advisors (IPA)
With a network of senior-level investment advisors located throughout the United States and Canada, Institutional Property Advisors (IPA) is qualified to meet the needs of institutional and major private investors. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, superior support services and acclaimed research offer customized solutions for the acquisition and disposition of institutional properties and portfolios. www.institutionalpropertyadvisors.com.