Updated May 12, 2025
Prime US REIT Acquires Sorrento Mesa Office Building From Shorenstein Properties For $146M
2875 Cowley Way, San Diego, CA, USA
$146,000,000
$492/SF
Building Size
296,327 SF
Asset Type
Office
Closing
Jul 26, 2020
About this deal
AI
The property asset involved in this transaction is located at 2875 Cowley Way in the Sorrento Mesa market. The asset type is office space, comprising a total of 296,327 square feet. The sale was concluded for a transaction amount of $146,000,000, which reflects a price per square foot of $492.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $146,000,000
- Address: 2875 Cowley Way
- Market: Sorrento Mesa
- Square Footage: 296,327
- Price Per Square Foot: $492
- Buyer: Prime US REIT
- Seller: Shorenstein Properties
Brandon Shorenstein and Barbara Cambon were involved in the transaction as representatives for Shorenstein Properties, the seller in this deal. Their representation underscores the active role of Shorenstein Properties in the office market.
Players
San Diego Office Market Snapshot
Boundary boundary · Office · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.11%
Cash-on-Cash
-0.03%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93