Dealmaker: MetroGroup Secures $22M for Corporate Campus

MetroGroup Realty Finance, Newport Beach, Calif., provided $21.9 million in permanent financing for a corporate campus in San Diego’s Sorrento Mesa submarket.

The buyer purchased the asset at 10307 and 10309 Pacific Center Court in San Diego from Colony Northstar, Los Angeles.

The 104,000-square-foot Class A property is fully leased to Quantum Design International, which manufactures instrumentation used in the materials science, physics, chemistry, biotechnology and nanotechnology industries.

MetroGroup Founder and President Patrick Ward called the asset a well-designed corporate headquarters facility occupied by a credit-worthy company with a long-term lease. The campus is the world headquarters for the existing tenant, which has locations in 20 countries.

Ward noted the Sorrento Mesa submarket serves as a regional hotspot for the technology industry and recently became the highest-occupied submarket of San Diego’s life sciences micro-clusters.

“A fair amount of capital sources are concerned about large single-tenant buildings,” Ward said. “But we were able to provide the requested financing by demonstrating the features of the building and depth of the market, combined with strong sponsorship.”

The seven-year loan with a 30-year amortization schedule was fixed at 4.2 percent with a 69 percent loan-to-purchase-price ratio.

Colliers International Executive Vice President Michael Hartel represented the buyer and worked directly with the seller in this transaction.