Parallel Capital Partners, a real estate investment and development firm based in Sorrento Valley, announced the acquisitions of two business parks for more than $100 million.
Rose Canyon Business Park and the 5 & 52 Business Park, which Parallel purchased in two separate transactions, make up a total of 300,000 square feet of industrial space.
The moves align, Parallel officials said, with the firm’s strategy of acquiring well-located, light industrial assets in markets with strong supply-demand dynamics and high barriers to entry.
“These acquisitions reflect our commitment to investing in assets with strong fundamentals and limited supply,” said Matt Root, co-founder and CEO. “We believe the current dislocation in the capital markets has created a rare window to acquire high-quality assets at compelling values, and we are excited to reposition these properties to meet the growing demand for modern, small bay industrial space in San Diego.”
In April 2025, Parallel acquired Rose Canyon Business Park, located at 4901-4907 Morena Blvd. The 15-building, multi-tenant industrial park, with approximately 234,000 square feet, spans 38.12 acres.
The project is currently 85% leased, with an average tenant size of 1,700 square feet. Parallel plans to invest more than $5 million in improvements, including landscaping, exterior upgrades, signage enhancements and a spec suite program. The firm also intends to convert approximately 13,000 square feet of office space into additional industrial units to meet market demand.
The firm also acquired the 5 & 52 Business Park, located at 5965 and 5975 Santa Fe St., which includes two industrial buildings totaling 71,597 square feet on 4.17 acres.
The project, also in Rose Canyon, was vacant when bought late last year and offers significant value-add potential, officials said. Parallel’s business plan includes rebranding and reintroducing the property as a multi-tenant industrial park.
Renovations will include breaking the project into smaller units, delivering move-in-ready spec suites by the third quarter of 2025 and refreshing the project’s exterior and landscaping.
The multi-tenant small bay industrial sector remains a key focus of Parallel’s investment strategy. The sector, officials said, consistently outperforms other industrial asset classes due to constrained supply, record-low vacancy rates and robust rent growth.
Founded in 2012, Parallel Capital Partners has a track record of over 150 acquisitions totaling more than 20 million square feet and $5 billion across the Western United States.
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