ACQUISITION OF ONE TECHNOLOGY PLACE, RANCHO BERNARDO, CA

by Dan Peoples | Nov 05, 2012

October 8, 2012

NEWS FROM:  Parallel Capital Partners, Inc.

FOR INFORMATION: Matt Root, Parallel Capital Partners, 858-882-9506
   Jim Ingebritsen, Parallel Capital Partners, 858-882-9504
   Dan Peoples, Peoples & Company, 858-552-1456

Parallel Capital Partners Acquires One Technology Place for $14.7 Million

– Complex Includes 10 Buildings with 150,738 Square Feet of R&D and Office Space –

San Diego, Calif.  Parallel Capital Partners, Inc. has completed the acquisition of One Technology Place, 10 R&D and office buildings in Rancho Bernardo, for $14,675,000. The acquiring entity was AGP One Tech, LP., a partnership between Parallel Capital Partners and Angelo, Gordon & Co.  The seller was Collins Development Company, Inc., dba Collins-Tech R.B. 

One Technology Place is located at 10905, 10907, 10908, 10911, 10915, 10918, 10919, 10929, 10939 and 10949 Technology Place in Rancho Bernardo, Calif., 92123. The 150,738-square-foot complex on 11.8 acres was built in 1985. Currently 70% occupied, major tenants include San Diego Gas & Electric, Alta Solutions, Inc. and Tek84.

Parallel Capital Partners plans to substantially renovate the project over the next 12-18 months to include enhanced building facades, fresh new landscaping, and improved building signage.  Lease ready spec suites will be developed to take advantage of the recovering economy that is driving rapid occupancy requirements. 

“Our repositioning plan will allow us to deliver a high quality tenant experience to the engineering, technology and defense companies seeking well-located, highly functional space along the I-15 Corridor,” said Matt Root, CEO.  “We are encouraged by the fact that we are already finalizing lease negotiations with a significant tenant for nearly 20,000 square feet of space.”

Eastdil Secured represented both Collins and Parallel Capital entities in the negotiations.

Parallel Capital Partners, Inc. (parallelcapitalpartners.com) is a private, fully-integrated real estate investment and operating company focused on acquiring value-added and core plus opportunities for our own account in the western United States and Hawaii.