PARALLEL CAPITAL PARTNERS LEASES NEARLY 40,000 SF

by Sydnie Moore | Dec 07, 2016
FOR INFORMATION: Matt Root, Parallel Capital Partners, 858-882-9506
JIm Ingebritsen, Parallel Capital Partners, 858-882-9504
Sydnie Moore, Moore & Moore Communications, 619-823-8448

Parallel Capital Partners Leases Nearly 40,000 Square Feet of Sorrento Mesa Commercial Space, Completes $2.5 Million Renovation

The Elements at Wateridge Office Complex Now More than 86 Percent Leased

SAN DIEGO (July 12, 2016) Parallel Capital Partners, Inc. has completed a $2.5 million capital improvement program at The Elements at Wateridge – a three-building Class A office complex spanning 278,787 square feet at 10201, 10221 and 10241 Wateridge Circle in San Diego’s Sorrento Mesa neighborhood. The San Diego-based real estate investment firm also announced today that new tenants there – Ntrepid, Amobee Inc. and Daiichi Sankyo, Inc. – have collectively leased nearly 40,000 square feet in newly refurbished space, representing deals valued at more than $7 million.

According to Matt Root, CEO of Parallel Capital Partners, his firm acquired the five-story buildings in 2014. Over the last year, the nearly eight-acre property has undergone extensive upgrades – to include completely redone common areas, new landscaping incorporating seating areas adjacent to water features and newly painted exteriors.

“This newly renovated complex is appealing on many levels – attractive to R&D, technology, medical and commercial companies – and with these latest transactions the project is now more than 86 percent leased,” Root said. “Due to its ideal location near UC San Diego, the Scripps Institute, San Diego Supercomputer Center and more, Sorrento Mesa is a key technology, life science, pharmaceutical and commercial hub. We are confident that office and lab space here will continue to lease up at a rapid rate.”

Specifics of the deals include:

• Ntrepid, a provider of cutting-edge cyber security solutions, leased 15,000 square feet of new office space at 10201 Wateridge Circle Suite 300 for 65 months. Mike Hoeck, Ryan Egli and Matt Carlson of CBRE represented Parallel, and Zach Millrood of Hughes Marino represented the tenant in the transaction.
• Amobee Inc. – a global marketing technology company – leased 18,022 square feet space at 10201 Wateridge Circle Suite 400/500, securing a 65-month term. Mike Hoeck, Ryan Egli and Matt Carlson of CBRE represented Parallel, and Shane Poppen of Hughes Marino represented the tenant in the transaction.
• A Japan-based leader in the research, development and marketing of pharmaceuticals, Daiichi Sankyo, Inc., leased 6,229 square feet for 60 months at 10201 Wateridge Circle, Suite 240. Mike Hoeck, Ryan Egli and Matt Carlson of CBRE represented Parallel, and Steve Holland of JLL represented the tenant in the transaction.

For the renovations, Pacific Building Group was general contractor and LdG Landscape Architects designed the landscaping. LPA, Inc. & Hurkes Harris Design Associates handled architecture.

About Parallel Capital Partners, Inc.
Parallel Capital Partners, Inc. (parallelcapitalpartners.com) is a real estate investment and operating firm that focuses on office, industrial and retail property acquisition in markets in the western U.S. and Hawaii. The company identifies opportunities where assets are undervalued and uses restructuring, capital improvements and superior leasing and management to turn value-added opportunities into core properties.