Jones Lang LaSalle has been retained as the Exclusive Agent for Seller to extend qualified principals the opportunity to acquire a fee simple interest (subject to existing debt) in Sorrento Corporate Center (the “Property”). Located at 9940 & 9950 Barnes Canyon Road in San Diego, California, the two-building, 143,999 square foot project is 100% leased to Qualcomm with over 10 years of remaining lease term with 3% annual escalations, thereby providing solid investment returns over the lease term. Qualcomm owns and leases over four million square feet in Sorrento Mesa, where the Property is located.
Completed in 1984, the Property is situated on a 7.34-acre site and offers Qualcomm outstanding accessibility to Interstates 805 and 5 which boasts excellent access to all the area’s major thoroughfares. Sorrento Mesa is also easily accessible to UCSD, the UTC submarket and north coastal San Diego. Qualcomm has occupied these buildings since the 1980s and recently renewed its’ lease through October 31, 2031. Qualcomm currently utilizes a portion the facility for data center infrastructure as the Property has a direct connection to the underground fiber optic infrastructure that connects various Qualcomm facilities in the immediate area.
The combination of strong in-place cash flow from an investment grade tenant, a clear “path to dirt” with no renewal options, and an irreplaceable location within one of the West Coast’s core technology and life science markets provides an exceptional investment opportunity.
- 100% leased for more than 10 years to Qualcomm, an investment grade company with $150+ billion market cap
- Covered land / life sciences development opportunity in A+ location
- Strong rent across Sorrento Mesa’s top three product types
- Qualcomm continues to make a significant commitment to San Diego and Sorrento Mesa
- Located in San Diego’s fastest growing life sciences submarket, Sorrento Mesa
- Strong tech fundamentals are gaining momentum
- Access to underground fiber optic providers
- Ample liquidity for San Diego tech & life sciences companies
- Amenity-oriented location with strong demographic profile