(EDITOR’S NOTE: According to a San Diego third quarter life sciences market report from Cushman & Wakefield, the property was sold to Phase 3 Real Estate Partners for $17.5 million, or approximately $428 per square foot.)
San Diego, CA — Newmark Knight Frank (“Newmark”) announces it has completed the sale of 10170 Sorrento Valley Road, a vacant, two-story, 40,811-square-foot office/flex building situated on 2.9 acres of land, offering immediate access for conversion or ground-up development to a state-of-the-art life science facility.
Newmark Executive Managing Director Brunson Howard, Co-Head of U.S. Capital Markets Kevin Shannon and Executive Managing Directors Paul Jones and Ken White, along with Senior Managing Directors Steve Bruce and Chris High, represented the seller, CIRE Equity. The buyer was Phase 3 Real Estate Partners.
“The Sorrento Mesa life science and technology real estate market is extremely supply-constrained with very few sites remaining for future development,” said Howard. “This property offers a true, blank-slate, value-add opportunity to deliver state-of-the-art life science improvements in a surging innovation cluster in coastal San Diego.”
The property is situated at the nexus of Sorrento Valley and Sorrento Mesa, two of the most active life science and technology clusters in the San Diego market. The property is fully vacant, allowing the buyer the opportunity to execute its “highest and best” vision, leveraging the surging life science fundamentals in the Sorrento marketplace.
According to a new report from Newmark Research, the San Diego life sciences market is among the country’s most established life sciences clusters. Along with Boston and San Francisco, San Diego is a primary epicenter of life sciences activity. The three markets combined have an estimated 16.6 million square feet of lab space under construction and renovation, with another 54.5 million square feet proposed. San Diego ranks third in the report’s proprietary Life Science Index, which scores clusters based on factors such as market maturity, market momentum, demographic and structural components supporting life sciences, and future growth potential.
About CIRE Equity
CIRE Equity is a private real estate investment company that identifies and capitalizes on opportunistic real estate investments in growth markets throughout the U.S. and at all levels of the capital structure. We have a track record of executing beyond expectations due to our industry-wide relationships, detail-oriented operations, and innovative deal structures. Learn more at www.cireequity.com.
About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Our comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, growing startups to leading companies. In 2020, Newmark generated revenues in excess of $1.9 billion. Newmark, together with London-based partner Knight Frank and independently owned licensees, operates globally from approximately 490 offices with 19,300 professionals. To learn more, visit nmrk.com or follow @newmark.
