San Diego Office Park Trades for $39M
Longfellow Real Estate Partners acquired Sorrento Tech, a fully-leased R&D campus.
Sorrento Tech. Image courtesy of Devin Muna
BLT Enterprises has finalized the sale of Sorento Tech, a three-building campus totaling 93,480 square feet of office/R&D space in San Diego. Longfellow Real Estate Partners purchased the portfolio for $39 million. The properties last traded in 2016, when the current seller acquired them for a total of $18.3 million, according to Yardi Matrix data.
In its four-year hold, BLT Enterprises renovated the park and brought the assets to full occupancy. Additionally, the company repurposed 35,000 square feet of industrial space into a creative office space with an open floorplan, ample conference room and three executive suites.
Located at 10070, 10140, and 10180 Barnes Canyon Road, the buildings were completed in 1984 and 1985. The tenant roster includes CV Sciences, L3 Technologies, Ron’s Pharmacy and TorreyCove Capital Partners. The campus is 2 miles from Interstate 805 and roughly 15 miles north of downtown San Diego.
The brokerage team that negotiated the sale on behalf of both parties included SD Realty Partners’ Ron Jacobson, along with Cushman & Wakefield’s Brad Tecca and Rick Reeder.
In April, BLT Enterprises paid $20 million for two assets totaling 26,000 square feet in Hollywood, Calif. Lee & Associates assisted the company in the transaction.
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