Sorrento Office Complex Sold for $152.5 MillionTuesday, April 17, 2012
A nine-building Sorrento Mesa office complex known as San Diego Tech Center has been sold for $152.5 million, according to CoStar Group.
The buyer was Boston-based Beacon Capital Partners LLC, CoStar reported April 12. The seller was San Diego Tech Center LLC, which includes MPG Office Trust Inc. of Los Angeles and Charter Hall Office REIT of Australia.
Most of the complex, at 9685-9725 Scranton Road, was built in 1971, and renovations took place in 2001.
The latest transaction closed April 2. CoStar noted that the complex last sold for $185 million in 2005.
MPG Office Trust said in a statement that it also sold its development rights and an
adjacent land parcel at San Diego Tech Center, and received a payment in consideration for terminating its right to receive certain fees following the closing date. Net proceeds of approximately $44 million will be used for general corporate purposes, the company said.
In its own statement, Charter Hall said the deal was part of a larger move to sell off its entire U.S. property portfolio, including five assets held in the joint venture with MPG.