HFF closes $26.05 million sale of and secures $18 million financing for 4-building San Diego business park
SAN DIEGO, CA – May 16, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $26.05 million sale of and secured $18 million in acquisition financing for Sorrento Pines Business Park, a fully-leased, four-building, multi-tenant business park totaling 114,656 square feet in the Sorrento Valley submarket of San Diego, California.
HFF marketed the property on behalf of the seller, Parallel Capital Partners, Inc. Webb Management & Investments, LLC purchased the asset free and clear of existing debt. Additionally, HFF worked on behalf of the buyer to place the 10-year, fixed-rate acquisition loan with CCRE. HFF will service the securitized loan.
Sorrento Pines Business Park, which was built in 1979 and extensively renovated in 2012, is 100 percent leased to a diverse tenant roster that includes Bastyr University and Pall Corporation, a wholly owned subsidiary of Danaher Corporation (NYSE: DHR, S&P: A). The property, located at 4106, 4110, 4116 and 4122 Sorrento Valley Boulevard, features a mix of office, flex and industrial space and has immediate access to two of San Diego’s main arteries, Interstates 5 and 805. The facility is also within walking distance to the Sorrento Valley COASTER station. The Sorrento Valley submarket, which is surrounded by the prestigious UTC, Del Mar Heights, Torrey Pines and Sorrento Valley areas, is a mature, infill submarket that has evolved into an innovative hub for creative office, life science and other high-end users.
HFF’s investment sales team represented the seller and was led by senior managing director Nick Psyllos and director Nick Frasco.
The HFF debt placement team representing the borrower was led by director Greg Brown.
About Parallel Capital Partners, Inc.
Parallel Capital Partners, Inc. (www.parallelcapitalpartners.com) is a private, fully integrated real estate investment and operating company focused on acquiring value-added and core-plus opportunities for its own account in primary and secondary markets west of the Mississippi, including Hawaii.
About Webb Management & Investments, LLC
Founded in 2003, and headquartered in Orange County, Webb Management & Investments, LLC is a privately held owner and manager of real estate investments across various product types and in multiple markets.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.
Holliday Fenoglio Fowler, L.P., acting by and through Holliday GP Corp., a real estate broker licensed with the California Department of Real Estate, License Number 01385740.