SAN DIEGO, Calif. – April 6, 2023 – Cushman & Wakefield today announced the firm has advised the sale of Sorrento Commerce Park, a two-building, multi-tenant industrial project in the Sorrento Mesa submarket of San Diego, California. The 35,514-square-foot park was 100% leased to 11 tenants at the time of sale and was acquired by Hammer Ventures for $14.25 million ($401 per square foot).
Cushman & Wakefield’s Bryce Aberg, Jeff Cole, Jeff Chiate, Rick Ellison, Mike Adey, Nico Napolitano and Zach Harman of the firm’s National Industrial Investment Advisory Group in Southern California along with Mark Avilla of the firm’s Private Capital Group represented the seller, BKM Capital Partners, in the transaction. Brant Aberg and Ryan Downing with Cushman & Wakefield also provided local market leasing expertise. Cushman & Wakefield’s Jason Kimmel also represented the buyer in the transaction.
“Central San Diego’s strong market fundamentals, together with the project’s exceptional asset quality, prime location, and financial profile, combined to create a terrific investment asset in one of San Diego’s most desirable markets,” said Vice Chairman Bryce Aberg. “Additionally, the property’s central San Diego location provides convenient access to various residential communities and an extensive amenity base.”
Situated on over 2 acres, Sorrento Commerce Park is located at 9540-9550 Waples St and consists of a single-story building and a partial two-story/mezzanine building. The multi-tenant buildings were originally constructed in the late 1980s but have completed extensive modern upgrades since. Key building features include 16’ to 24’ clear heights, over 3/1000 parking, and grade level loading.
