Sorrento Plaza Shopping Center Trades for $9M

SRS secured the $9-million acquisition of the Sorrento Plaza shopping center on behalf of unnamed private buyer. The 11,901-square-foot shopping center is 100% occupied, with a roster of fast/casual dining and a dental clinic.

SRS’ National Net Lease Group SVP Sam Hanna represented the buyer, with the seller, Wells Fargo as the successor trustee, represented by Rick Putkammer and Bill Rose of Marcus & Millichap. The property closed at a cap rate of 5.89% and a price-per-square-foot of $756.

Built in 2007, Sorrento Plaza is located at 9254 Scranton Rd. in San Diego’s Sorrento Valley submarket, near millions of square feet of office properties and a daytime population of more than 240,000.

“Our client liked this asset, as it offered internet-proof tenancy with a majority of tenants being in the dining category,” said Hanna.

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