Jones Lang LaSalle has been retained as the Exclusive Agent for Seller to extend qualified principals the opportunity to acquire a fee simple interest in Torrey Pines Business Park (the “Property”). The Property is highly visible from both the I-805 and I-5 and addressed at 10801, 10803, 10805 and 10807 Vista Sorrento Parkway and 3910, 3950, 3956, 3962, 3970, 3974, 3978 and 4010 Sorrento Valley Boulevard in San Diego, California. Its 12 buildings total approximately 189,984 square feet and the site area comprises four parcels totaling approximately 18.23 acres.
Torrey Pines Business Park is strategically located in the heart of the Sorrento Valley submarket of North Cities San Diego, one of the most sought-after real estate submarkets in Southern California. Sorrento Valley and Sorrento Mesa are populated with a thriving Life Sciences community, highly diverse corporate headquarters and emerging technology companies. The majority of the buildings were completed between 1974-1975 and have been institutionally maintained. Torrey Pines Business Park has a myriad of tenant uses including light manufacturing, office and research and development. The Property is presently developed to an underutilized 0.24 FAR and offers investors an outstanding Life Sciences repositioning and development opportunity. The project is currently 62% leased to 17 tenants; ownership was strategic in negotiating lease termination rights with ALL tenants. The vast majority of tenants have termination rights requiring 12 months notice or less, providing a path to repositioning and/or redevelopment.
- Life Sciences conversion and development opportunity
- Supply constrained market
- High growth innovation hub
- Excellent market fundamentals
- Robust tenant demand