ACQUISITION OF SORRENTO PINES, SORRENTO VALLEY, CA

by Dan Peoples | Nov 05, 2012

October 24, 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 Inc.
Acquires Sorrento Pines Business Park for $14.0 Million

San Diego, Calif.  Parallel Capital Partners, Inc. has announced the acquisition of Sorrento Pines Business Park, a four-building industrial and office complex in Sorrento Valley for $14,007,000. The purchasing entity is PCPI Sorrento Pines, LP. 

Built in 1979, the buildings are located at 4106, 4108/4110, 4116 and 4122 Sorrento Valley Blvd.  The 114,399-square-foot complex on 7.9 acres is 85% occupied with major tenants including Bastyr University, Pall Corporation and Asteres, Inc.

“Sorrento Pines Business Park complements the 300,000 square feet of life science, office and R&D properties that we recently acquired in Sorrento Valley,”  according to Matt Root, CEO.  “This is a sector, market and basis play that reaffirms our belief that San Diego is in the nascent stages of economic recovery.  Sorrento Valley continues its transformation from a light industrial and suburban office market into a world-class life science and high tech location.”

Parallel Capital Partners represented itself in the transaction.

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.