Prime US REIT Scoops Up Sorrento Towers for $146M

Sorrento Towers is a class-A property that consists of two seven-story office buildings situated atop a multi-level parking structure in Sorrento Mesa. The 296,327-square-foot class-A office complex was recently acquired by Prime US REIT for $146 million. The seller was Shorenstein Properties.

KBS serves as the U.S.-based asset manager for the portfolio, which included identifying and sourcing this asset on Prime’s behalf. Sorrento Towers is one of three assets KBS has assisted Prime in acquiring for its portfolio since listing on the Singapore Exchange in 2019.

“At 98.2 percent occupancy, Sorrento Towers is one of the most sought-after properties in San Diego’s premier innovation hub and is within walking distance of over 60,000 square feet of high-quality retail amenities,” says Gio Cordoves, Western regional president for KBS. “Through this transaction, KBS has assisted Prime in securing another opportunity to add value to this portfolio.”

The Sorrento Mesa submarket where Sorrento Towers is located is known as San Diego’s life science and technology marketplace. It is home to San Diego’s largest concentration of technology companies. Newmark’s Kevin Shannon, co-head of U.S. capital markets, Brunson Howard, executive managing director and Ken White, executive managing director brokered the transaction.