Dealmaker: CBRE Brokers $22M in Industrial, Office Sales

CBRE brokered industrial and office property transactions totaling $22.1 million in the San Diego area.

In the city’s Sorrento Valley submarket, CBRE sold Environmental Plaza to local real estate investment firm Hill Properties for $15.3 million. CBRE Senior Vice President Matt Pourcho, Executive Vice Presidents Anthony DeLorenzo and Gary Stache, Managing Director Bryan Johnson and Senior Vice President Bill Dolan represented the private family seller in the transaction.

Located at 4174-4206 Sorrento Valley Boulevard, Environmental Plaza is a seven-building, 91,670-square-foot industrial campus with suites ranging from 1,000 to 4,200 square feet. The property was 87 percent leased at closing to 37 tenants. The site is one-half mile from the interchange between I-5 and I-805, connecting Sorrento Valley to the rest of San Diego County.

“It is extremely rare to be able to acquire such a stable, well-located asset in the increasingly tight industrial submarket of Central San Diego with in-place rents substantially below market,” said Pourcho. He noted the property received 21 purchase offers. “We saw 1031 buyers, REITs and institutions at the table,” he said.

Pourcho, DeLorenzo, Johnson and CBRE Senior Vice Presidents Dick Balestri and Ryan Egli helped San Diego-based wealth management firm Westpac Wealth Partners purchase an office property in Sorrento Mesa, San Diego for $6.8 million. The buyer was represented Lee and Assocs. Principal Marko Dragovic.

Located at 5280 Carroll Canyon, the 32,830-square-foot property dates to 1980. The three-story building sits on a 1.9-acre lot.