In a joint venture with Montana Avenue Capital Partners, Goldman Sachs Asset Management Private Real Estate has acquired Centerpark Plaza in Sorrento Valley.
Goldman Sachs/Montana Avenue declined to say how much it paid for the 204,000 square-foot campus or who the seller was, although Centerpark Plaza LLC was listed as the owner by CoStar Realty Information.
Existing tenants in the eight buildings at Centerpark Plaza include companies in the fields of biotech, medical diagnostics, business strategy and communications. Some of the property is used for research and development projects with laboratory and cold storage areas.
The new owners said they plan to upgrade the complex with the addition of garage-style roll-up doors, new furniture in common areas and Wi-Fi options.
“The acquisition of Centerpark Plaza allows our team to immediately offer tenants highly functional flex R&D (research and development) space while we maintain the optionality to convert the site into a collaborative indoor-outdoor Class A creative campus, all in a prime Sorrento Mesa submarket,” said Brad Pennington, vice president of Montana Avenue Capital Partners.