A three building, 56,701 sf mixed use Office/R&D project with a high level of improvements located in San Diego
Advantages
Outstanding location, about a half mile from Interstate 805, with frontage on Mira Mesa Boulevard, a major east-west artery
Excellent access and project visibility in the highly desirable sub-market of Sorrento Mesa, located close to Scripps Institute, UC San Diego and La Jolla
Rising rental market with rents on a triple net basis in a multi-tenant project with diverse tenant mix with medium term leases
Multiple exit strategies, as a leased investment project or a subdivision/condo project or development of a high rise office tower
Ample land of over 4 acres and exceptional parking
Sorrento Mesa is the home to Qualcomm, one of the largest international wireless companies in the U.S.
Results
Explored a higher and better use for the property
Enhanced yields by improving bottom line and with leverage
Sold to fund buyer who intended to redevelop the site
