Parallel Capital Partners Sells 12-Building Office/Lab Portfolio in San Diego for $112M
SAN DIEGO — San Diego-based Parallel Capital Partners has completed the disposition of a 12-building office and lab portfolio, known as the Inspire Portfolio. Boston-based Longfellow Real Estate Partners acquired the asset for $112 million.
Situated in the Sorrento Valley area of San Diego, the 318,969-square-foot portfolio was 95 percent occupied at the time of sale. The tenant roster includes 81 life science, technology, and research and development tenants.
The properties are:
- 11535-11585 Sorrento Valley Road (127,991 square feet)
- 11772 Sorrento Valley Road (19,193 square feet)
- 11760 Sorrento Valley Road (35,731 square feet)
- 11750 Sorrento Valley Road (19,921 square feet)
- 11558-11588 Sorrento Valley Road (85,121 square feet)
- 11494 Sorrento Valley Road (31,012 square feet)
Longfellow Real Estate Partners plans to continue the life science conversion plan started by the seller, adding value by repositioning the remaining 50 percent of the portfolio.
Nick Frasco, Nick Psyllos and Michael Leggett of HFF represented the seller in the deal.