San Diego Commercial Real Estate Wrap-Up – May 2020
- Jun 04, 2020
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:
1. DEAL – BLT Enterprises sells Sorrento Valley R&D office campus.
Longfellow Real Estate Partners acquired the three-building, 93,480-square-foot Sorrento Tech 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.
2. DEAL – Downtown retail condo trades for $22 million.
The 43,000-square-foot unit, 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.
3. DEAL – JLL arranges Qualcomm lease renewal in Sorrento Mesa.
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.
4. PEOPLE – CBRE names associate property management director.
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’s degree in business administration from the University of Nevada in Reno and a master’s degree in real estate from the University of San Diego.
5. DEAL – Medical office building changes hands for $6 million.
Olios Health, a pain management group, purchased the 25,600-square-foot asset 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.
6. DEAL – North Park retail asset trades for $28 million.
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.