May 18, 2016
Holliday Fenoglio Fowler, L.P. (HFF) closed a $26.05-million sale and secured $18 million in acquisition financing for Sorrento Pines Business Park in San Diego. The fully-leased, four-building, multi-tenant business park totals 114,656 square feet of office, flex and industrial space.
Sorrento Pines Business Park, which was built in 1979 and extensively renovated in 2012, is 100% leased.
HFF marketed the property on behalf of the seller, San Diego-based Parallel Capital Partners, Inc. Orange County-based Webb Management & Investments, LLC purchased the asset. HFF also worked on behalf of the buyer to place the 10-year, fixed-rate acquisition loan with CCRE, which HFF will service.
HFF’s Nick Psyllos and director Nick Frasco represented the seller, while HFF’s Greg Brown represented the borrower on the debt placement.