Parallel Capital Partners Sells 12-Building Sorrento Valley Portfolio for $112 Million
High Profile San Diego Life Science and Creative Office Deal Closes Out Profitable Long-Term Investment.
- San Diego, CA (1888PressRelease) November 07, 2018 - Parallel Capital Partners, Inc., a San Diego-based real estate investment firm, announced today the $112 million disposition of a 12-building, 318,969-square-foot commercial office and lab portfolio known as the Inspire Portfolio – located in the Sorrento Valley area of San Diego – to Boston-based Longfellow Real Estate Partners.
Currently 95% leased to a diverse roster of 81 life science, technology and research and development tenants, the new owners plan to continue the proven life science conversion plan started by Parallel Capital Partners, adding significant value by repositioning the remaining 50% of the portfolio. Over a period of six years, Parallel infused more than $10 million in state-of-the-art renovations and upgrades to the Inspire Collection, meeting the growing demand for creative office and life science space.
According to Matt Root, CEO of Parallel Capital Partners, his company purchased the Inspire assets as part of a larger portfolio acquired from Collins Development Company in 2012. That $63 million acquisition included the Sorrento Valley assets as well as the 31,250-square-foot Herschel Building in La Jolla and the nine-building, 152,730-square-foot One Technology Place in Rancho Bernardo.
Parallel sold One Technology Place (10905-10949 Technology Place) to Menlo Equities for $22 million in December 2014 and the Herschel building (1100 Wall Street) to the McCarthy family (McCarthy Family Vineyards) for $15.2 million in February 2015. All told, the Parallel group bought the Collins portfolio for $63.4 million and sold it for $149.2 million.
“This latest transaction confirms institutional investors are still focused on well-positioned acquisition opportunities with demonstrable value-added upside in key submarkets,” Root said. “The Inspire assets – and the Collins portfolio overall – represented a very unique opportunity to acquire incredibly well-located assets in La Jolla, Sorrento Valley and Rancho Bernardo that were positioned extremely well for conversion and repurposing to life science and creative office. We believe office and lab space need to acknowledge the human side of the people to foster work-related creativity. It isn’t work versus life anymore – it’s work and life – and creative space supports both with its flexible, interactive style. This approach has helped our tenants grow, attract and retain the best talent.”
The Inspire Portfolio includes:
11535-11585 Sorrento Valley Road, spanning 127,991 square feet
11772 Sorrento Valley Road, spanning 19,193 square feet
11760 Sorrento Valley Road, spanning 35,731 square feet
11750 Sorrento Valley Road, spanning 19,921 square feet
11558-11588 Sorrento Valley Road, spanning 85,121 square feet
11494 Sorrento Valley Road, spanning 31,012 square feet
The listing brokers for the 12-building transaction were Nick Frasco, Nick Psyllos and Michael Leggett of HFF.
About Parallel Capital Partners, Inc.
Parallel Capital Partners, Inc. (parallelcapitalpartners.com) is a private, fully integrated real estate investment and operating company focused on acquiring value-added and core-plus opportunities for its own account in primary and secondary markets west of the Mississippi, including Hawaii.
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