Longfellow Real Estate Partners Acquires San Diego Office Property
- Jul 12, 2019
Longfellow Real Estate Partners has acquired Sycamore Creek Research Park, an 86,788-square-foot office asset in San Diego’s Sorrento Valley submarket. West Coast Capital Partners received $26.7 million for the property and, according to Yardi Matrix data, the sale was subject to a $23.4 million loan held by Invesco Real Estate. At the time of the transaction, the campus had a 70 percent occupancy rate.
Located at 10655, 10665 and 10675 Sorrento Valley Road, Sycamore Creek Research Park is 15 miles north of downtown San Diego. The three-building asset is adjacent to interstates 5 and 805. The new owner is set to continue an extensive renovation that West Coast Capital Partners begun and will reposition the buildings to accommodate life science and creative office users.
CBRE’s Doug Lozier represented West Coast Capital Partners in the transaction, while the buyer was self-represented. Furthermore, Longfellow named Newmark Knight Frank as its strategic leasing partner for its expanding life science and creative office portfolio in San Diego. In late 2018, the company paid $112 million to Parallel Capital Partners Inc. for the Inspire portfolio, a 319,000-square-foot group of office and laboratory buildings located also in San Diego.