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Sorrento Biotech Center LLC Acquires Office Building In San Diego For $12M With Chris Duncan As Buyer's Rep
SOLD
California
See Similar DealsOffice67,000 SF
Sold 01/03/2025
SOLD
Sorrento Biotech Center LLC Acquires Office Building In San Diego For $12M With Chris Duncan As Buyer's Rep
6060 Cornerstone Court
See Similar DealsOffice67,000 SF
Sold 01/03/2025
Summary
CALIFORNIA
Asset Type:Office
Price Per Square Foot:$179
Total Square Footage:67,000 SF
Transaction Type:Sale
A 67,000-square-foot office building located at 6060 Cornerstone Court in San Diego has been sold for $12 million. The property serves as an office asset within the local market, with a price per square foot of $179.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $12,000,000
- Sale Date: 01/03/2025
- Buyer: Sorrento Biotech Center LLC
- Buyer's Representative: Chris Duncan - Voit Real Estate Services
- Seller's Representative: Alex Hayden, Anthony DeLorenzo, Barbara Perrier, Camille Doan, Hunter Rowe, Matt Pourcho, Matthew Carlson & Michael Longo - CBRE
The buyer, Sorrento Biotech Center LLC, intends to repurpose the office space for life sciences use following the acquisition. CBRE played a key role in arranging this transaction while representing the undisclosed seller.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$640,000.01
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$42,633.46
Cash-on-Cash Return-1.27%
Monthly Debt Service$56,886.12
Annual Debt Service$682,633.47
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