By IvyLee Rosario
Shorenstein Properties has acquired Sorrento Towers North & South, two Class A office properties in San Diego. Cushman & Wakefield advised the buyer in the deal.
The North property encompasses two seven-story buildings totaling 286,000 square feet. The structures, located at 5355 and 5375 Mira Sorrento Place, were built in 1989 and last renovated in 2014. The South property encompasses two six-story buildings totaling 278,000 square feet. The assets were built in 2001 and are located at 9276 and 9330 Scranton Road. Sorrento Towers features high-image glass exteriors, outdoor lounge areas, state-of-the-art conference facilities, modern building lobbies and common areas, fitness centers and structured parking. The properties are situated at the intersection of interstates 5 and 805, adjacent to the Sorrento Court and Sorrento Plaza retail centers.
Executive Managing Director Rick Reeder and Executive Director Brad Tecca of Cushman & Wakefield’s Capital Markets services, represented the new owner.
“Shorenstein’s acquisition of Sorrento Towers confirms the increasing confidence investors have in the San Diego market as underlying leasing fundamentals continue to improve,” said Tecca, in a prepared statement. “Decreasing vacancy, rising rental rates and strong tenant demand, in addition to limited new construction across just about every submarket, has investors keying in on acquisition opportunities.”
In February, Shorenstein Properties purchased Capella Tower and the adjoining Star Tribune Building in Minneapolis, for $255 million.
Image courtesy of Cushman & Wakefield