Renovated Central San Diego Asset Sells to SoCal-Based Tappan Corporation
San Diego CA— Cushman & Wakefield announced the firm has advised the seller in the disposition of Sorrento Ridge, a 103,325-square-foot three-story office building in the Miramar submarket of San Diego County, California. The asset located at 7220 Trade Street was acquired by Southern California-based Tappan Corporation. The seller was undisclosed.
Rick Reeder and Brad Tecca with Cushman & Wakefield’s Capital Markets in San Diego together with Brooks Campbell and Duncan Dodd of the firm’s Private Capital Group in San Diego represented the seller in the transaction. The firm’s Bill Cavanagh and Mike Novkov also provided local market advisory. The buyer was represented by Larry Glenn of Glendale Mortgage.
“Acquiring the property in 2015, Sorrento Ridge had represented the seller’s first acquisition in San Diego,” said Tecca, Executive Director. “In 2017, they completed significant improvements to the property originally built in the mid 1980s, including renovations and upgrades to the interior common areas and exterior amenities including a new bocce ball court. The seller’s primary goal was to increase value for tenants, which they successfully achieved during their ownership of this asset.”
Campbell, Senior Director said, “Sorrento Ridge was nearly 60% leased at the time of sale to mainly smaller tenants representing a mix of professional services, engineering and tech—the largest occupant being less than 10,000 sf. In addition to the seller’s previous capital improvements, the building also features great natural light and an atrium courtyard style design that allows for easy flexibility for tenant occupancies.”
Sorrento Ridge is situated on 4.38 acres in San Diego’s Central County, offering immediate access to Interstates 5 and 805. The property is also positioned on Camino Santa Fe’s new connecting thoroughfare and is near the Sorrento Plaza shopping center. Additionally, the new planned 3Roots residential community (1,800 housing units) is also just north of the site.