Partnership Buys Sorrento Mesa Office Portfolio for $40.1 MillionFriday, June 20, 2014
A partnership including New York-based DRA Advisors LLC and Cypress Office Properties LLC of San Diego has purchased a three-project office portfolio in Sorrento Mesa for approximately $40.1 million.
The seller was Boston-based TA Associates Realty, according to brokerage company Cassidy Turley, which represented the buyer and seller. The transaction was handled by Cassidy Turley’s Rick Reeder, Brad Tecca and Brian Driscoll.
The fully leased portfolio totals 190,154 square feet in four buildings. It includes the three-story 5910 Pacific Center on Pacific Center Boulevard; the two-story Pacific Heights Plaza at 9985 Pacific Heights Blvd.; and the two-building Sorrento Heights, at 10020 and 9980 Huennekens St.
Current tenants in the portfolio include Harte-Hanks Intelligence Inc., Solera Wireless, Tearlab Corp., Charlotte Russe Inc., Raytheon Co. and DPR Construction. The buyers plan to upgrade common areas of each building.