A 67,099-square-foot office building in Sorrento Mesa has been sold to a local private investor, Sorrento Biotech Center LLC, for $12.05 million, a brokerage has announced.
The firm has plans to convert the property, at 6060 Cornerstone Court West, for use in the region’s thriving life sciences sector, according to CBRE.
The property, situated on 2.96 acres, was built in 1985 and has been exclusively held and occupied by a corporate owner, which online records identify as the UPS Store.
CBRE’s Matt Carlson, Hunter Rowe, Camille Doan, Alex Hayden, Barbara Perrier, Mike Longo, Matt Pourcho and Anthony DeLorenzo represented the corporate seller in the transaction.
“Significant entrepreneurial capital continues to flow into the market, focusing on mid-market lab investments and re-purposing underutilized assets,” said Carlson, co-head of U.S. office capital markets at CBRE.
According to CBRE Research, the third quarter of this year marked the third consecutive with over $1 billion in new investments for the life sciences sector.
Chris Duncan of Voit Real Estate represented the buyer in the transaction.
Read More Details
Finally We wish PressBee provided you with enough information of ( Investor Plans to Convert Building for Use in San Diego’s Thriving Life Sciences Sector )
Also on site :