San Diego CA— CBRE announced the sale of an industrial campus, Environmental Plaza, in Sorrento Valley, San Diego to Hill Properties, a local real estate investment firm, for $15.3 million.
CBRE’s Matt Pourcho, Anthony DeLorenzo, Gary Stache, Bryan Johnson and Bill Dolan represented the seller, a private family, in the transaction. The buyer was self-represented.
Located 4174-4206 Sorrento Valley Boulevard, Environmental Plaza is a seven-building, 91,669 square-foot industrial campus with suites ranging from 1,000 to 4,200 square-feet. The property was 87 percent leased at the time of sale to 37 tenants. The site is one-half mile from the interchange between I-5 and I-805, connecting Sorrento Valley to the rest of San Diego County.
“It is extremely rare to be able to acquire such a stable, well-located asset in the increasingly tight industrial submarket of Central San Diego with in-place rents substantially below market,” said Pourcho. “We received a total of 21 offers and conducted 36 tours reflecting a record amount of interest in this property. We saw 1031 buyers, REITS and institutions at the table.”