Harbor Associates LLC of Long Beach has purchased a Sorrento Mesa office building for $5 million in an all-cash deal, with plans for an extensive renovation, the investment firm reported.
According to CoStar Group and public data, the seller of the 32,000-square-foot property at 5280 Carroll Canyon Road was Farmers Insurance Group of Los Angeles. The seller was represented by Matt Pourcho, Melissa Scofield and Dick Balestri, of brokerage company CBRE Group Inc.
Harbor Associates officials said in a statement that the deal was a sale and partial leaseback arrangement, in which the seller will occupy the first and second floors. Harbor is working with architect LPA Inc. on a renovation that will include a new lobby and entry, repainting, drought tolerant landscaping and new signage.
Officials said the vacant third floor will be opened up to allow for panoramic views of surrounding canyons. The office property was originally built on 1.9 acres in 1980, CoStar reported.
Harbor Associates is led by principals Justin Loiacono, Paul Miszkowicz and Joon Choi, and operates as a joint venture with private equity firm The Bascom Group LLC of Irvine. Harbor officials said the Sorrento Mesa acquisition was its first in San Diego.