{"id":1004454058,"date":"2020-06-04T05:00:21","date_gmt":"2020-06-04T13:00:21","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004454058"},"modified":"2022-08-29T02:10:45","modified_gmt":"2022-08-29T10:10:45","slug":"san-diego-commercial-real-estate-wrap-up-may-2020","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/san-diego-commercial-real-estate-wrap-up-may-2020\/","title":{"rendered":"San Diego Commercial Real Estate Wrap-Up \u2013 May 2020"},"content":{"rendered":"
\"\"<\/a>

Sorrento Tech. Image courtesy of Devin Muna<\/i><\/p><\/div>\n

San Diego’s commercial real estate sectors had measurable activity in May as the California economy began to reopen, primarily in investment transactions. The city’s position as a major life sciences hub could prove a boon to its commercial real estate. Several key deals involved either research facilities or medical office properties. Read our May list of San Diego must-knows: <\/p>\n

1. DEAL \u2013 BLT Enterprises sells Sorrento Valley R&D office campus.<\/strong><\/p>\n

Longfellow Real Estate Partners acquired the three-building, 93,480-square-foot Sorrento Tech<\/a> for $39 million. The buildings, located at 10070, 10140, and 10180 Barnes Canyon Road, came online between 1984 and 1985. BLT had acquired the properties in 2016 for $18.3 million. The campus’ tenants include CV Sciences, L3 Technologies and TorreyCove Capital Partners. <\/p>\n

2. DEAL \u2013 Downtown retail condo trades for $22 million.<\/strong><\/p>\n

The 43,000-square-foot unit<\/a>, fully occupied by an Albertsons grocery store, sold in a 1031 exchange. Marcus & Millichap affiliate The Mansour Group closed the deal. The condominium, located at 655 14th St., is on the ground floor of Equity Residential’s 229-unit Market Street Village Apartments, half a mile northeast of Petco Park.<\/p>\n

3. DEAL \u2013 JLL arranges Qualcomm lease renewal in Sorrento Mesa.<\/strong><\/p>\n

The landlord, La Jolla Management, agreed to the 143,979-square-foot deal encompassing the entire Sorrento Corporate Center at 9940 and 9950 Barnes Canyon Road. JLL worked on behalf of the owner, and Cushman & Wakefield represented the tenant. The Class B, two-story property opened its doors in 1985.<\/p>\n

4. PEOPLE \u2013 CBRE names associate property management director.<\/strong><\/p>\n

The firm promoted Lesley Hudson from the role of senior manager. She had joined the company in 2009, previously overseeing operations at a large retail property in the metro. Hudson has a bachelor\u2019s degree in business administration from the University of Nevada in Reno and a master\u2019s degree in real estate from the University of San Diego.<\/p>\n

5. DEAL \u2013 Medical office building changes hands for $6 million.<\/strong><\/p>\n

Olios Health, a pain management group, purchased the 25,600-square-foot asset<\/a> from a private investor. First Citizens Bank provided $5.1 million in acquisition financing. CBRE represented the seller. The property was built in 1991 and is located at 3434 Midway Drive, next to Kaiser Permanente’s Point Loma facility.<\/p>\n

6. DEAL \u2013 North Park retail asset trades for $28 million.<\/strong><\/p>\n

CBRE represented the buyer, a private investor, in the 1031 exchange. Vons occupies the entire 44,000-square-foot building under a lease terminating in 2039. Located at 4145 30th St., the asset is just off Interstate 805 and within two blocks of the El Cajon Boulevard retail corridor.<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

Office campus trades for $39 million. JLL brokers 143,979-square-foot lease renewal. Catch up with our May selection of San Diego must-reads.<\/p>\n","protected":false},"author":868,"featured_media":1004450449,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,1608,15],"tags":[48884,35361,32789,32799,32796,34836],"class_list":["post-1004454058","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-san-diego","category-west","tag-thewrapup","tag-blt-enterprises","tag-cbre","tag-cushman-wakefield","tag-jll","tag-marcus-millichap"],"acf":[],"yoast_head":"\nSan Diego Commercial Real Estate Wrap-Up \u2013 May 2020 - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/san-diego-commercial-real-estate-wrap-up-may-2020\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"San Diego Commercial Real Estate Wrap-Up \u2013 May 2020\" \/>\n<meta property=\"og:description\" content=\"Office campus trades for $39 million. 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