Private Buyer Nabs Sorrento Mesa Office for $15M in 1031

A private, high net worth buyer has fulfilled a 1031 requirement with the $14.6 million acquisition of a three-story, 51,589-square-foot office building located at 5405 Morehouse Drive in San Diego, CA’s Sorrento Mesa submarket.

The seller, Swift Real Estate Partners, was represented by CBRE’s Matt Pourcho, Louay Alsadek, Hunter Rowe, Anthony DeLorenzo, Gary Stache, Doug Mack and Bryan Johnson.

Originally built in 1988, the property also includes a covered parking structure, and existing suites with an average size of approximately 2,800 square feet.

The property is adjacent to Sorrento Court, a popular retail center that serves the hundreds of businesses in Sorrento Mesa, one block from the I-805 and just three miles from Westfield UTC.

According to Pourcho, “Sorrento Mesa continues to receive overflow tenants from the adjacent UTC market, which is now 2.3 percent vacant, with 31 percent higher rents than this property. The location of this site is ideal for tenants due to its quality, nearby retail and immediate freeway access.”

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