Alexandria Buys Sorrento Valley Industrial Building Portfolio for $12.3 MillionSunday, April 6, 2014
Alexandria Real Estate Equities Inc. of Pasadena has purchased a three-building industrial portfolio in Sorrento Valley for approximately $12.3 million, according to CoStar Group and public data.
The seller was Del Mar Partnerships of Del Mar, recorded as Sorrento Science Park LLC. The buildings, totaling 42,241 square feet, are at 4025, 4031 and 4045 Sorrento Valley Road, in the Sorrento Science Park development.
David Odmark and Brian Starck, of brokerage company Cassidy Turley, represented the buyer and seller.
The buildings were constructed in 1971, 1978 and 1979 and house tenants involved in light manufacturing and research and development. They were fully leased at the time of sale, with tenants including Pathway Genomics Corp. and Lpath Inc., according to CoStar.
Alexandria (NYSE: ARE), a real estate investment trust with national holdings, is among the local region’s largest owners of life-sciences real estate.