A two-building, multi-tenant industrial project in Sorrento Mesa has been sold for $14.25 million, a real estate firm announced.
Sorrento Commerce Park, a 35,514-square-foot property that was 100% leased to 11 tenants at the time of sale, was acquired by Hammer Ventures in downtown San Diego for $14.25 million.
Cushman & Wakefield represented both the buyer and the seller, BKM Capital Partners of Newport Beach, in the transaction.
Cushman & Wakefield’s Jason Kimmel represented the buyer, while Vice Chairman Bryce Aberg, Jeff Cole, Jeff Chiate, Rick Ellison, Mike Adey, Nico Napolitano and Zach Harman of the firm’s National Industrial Investment Advisory Group in Southern California, along with Mark Avilla of the firm’s Private Capital Group, represented the seller.
“Central San Diego’s strong market fundamentals, together with the project’s exceptional asset quality, prime location and financial profile, combined to create a terrific investment asset in one of San Diego’s most desirable markets,” Aberg said.
Situated on more than two acres, Sorrento Commerce Park, 9540-9550 Waples St., consists of a single-story building and a partial two-story/mezzanine building.
The multi-tenant buildings were originally constructed in the late 1980s but have undergone extensive modern upgrades since. Key building features include 16’ to 24’ clear heights, abundant parking and grade-level loading.
