SAN DIEGO (CNS) – Commercial real estate company Newmark1 sold Sorrento Towers — a 296,327-square-foot office complex in the heart of Sorrento Mesa — for $146 million to Singapore-based Prime US REIT, it was announced Monday.
“Sorrento Mesa, and for that matter San Diego, is at the confluence of the life science and technology industries in Southern California,” said Brunson Howard, one of Newmark1’s executive managing directors. “This transaction is emblematic of how compelling that story is and bodes exceedingly well for this submarket and San Diego at large as we transition into a post- pandemic marketplace.”
Sorrento Towers is a Class A property, located at 5355 and 5375 Mira Sorrento Place, that consists of two seven-story office buildings situated atop a multi-level parking structure. Built in 1990, Sorrento Towers is a LEED Gold- certified life science and office asset. Commercial real estate management firm KBS assisted the deal, the third such partnership between Prime US REIT and KBS.
“At 98.2% occupancy, Sorrento Towers is one of the most sought-after properties in San Diego’s premier innovation hub and is within walking distance of over 60,000 square feet of high-quality retail amenities,” said Gio Cordoves, western regional president for KBS. “Through this transaction, KBS has assisted Prime in securing another opportunity to add value to this portfolio.”
Sorrento Towers recently underwent common area upgrades totaling more than $8.4 million — including an expanded first-floor curtain wall that captured additional ground-floor area, a renovated open-air plaza, renovated main and elevator lobbies and new amenity spaces including a fitness center, conferencing spaces, a training center and multiple outdoor meeting areas. KBS is planning a series of additional upgrades to the property, including further restroom renovations, further additions to outdoor meeting areas, space activation and WiFi enhancements.
Copyright 2021, City News Service, Inc.