A Sorrento Mesa office project has been sold to Shorenstein Properties, LLC.
Neither the amount of the sale nor the seller was disclosed.
Sorrento Towers North and Sorrento Towers South at the intersection of Interstates 5 and 805 are comprised of four buildings with a total of about 565,000 square feet of space.
Built in 1989 and renovated in 2014, Sorrento Towers North consists of two seven-story buildings with a total of about 286,000 square feet of space at 5355 and 5375 Mira Sorrento Place.
Sorrento Towers South was constructed in 2001 and consists of two six-story buildings with a total of about 278,000 square feet of space at 9276 and 9330 Scranton Road.
Advising Shorenstein Properties in the transaction were Rick Reeder, executive managing director of Cushman & Wakefield in San Diego, and Brad Tecca, executive director of the company in San Diego.
“Shorenstein’s acquisition of Sorrento Towers confirms the increasing confidence investors have in the San Diego market as underlying leasing fundamentals continue to improve,” Tecca said. “Decreasing vacancy, rising rental rates and strong tenant demand, in addition to limited new construction across just about every submarket, has investors keying in on acquisition opportunities.”