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BioMed Realty Acquires Office Property In Sorrento Mesa From La Jolla Management Company For $115M

Property Image
SOLD
$115,000,000
Nick Psyllos
Adam Lasoff

California

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Office139,807 SF
Sold 12/21/2021
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Property Image
SOLD

BioMed Realty Acquires Office Property In Sorrento Mesa From La Jolla Management Company For $115M

9940 Barnes Canyon Rd, San Diego, California 92121, United States

See Similar Deals
Office139,807 SF
Sold 12/21/2021
Nick Psyllos
Adam Lasoff
the dealplayerscompscontact
Contact now

Summary

CALIFORNIA
Asset Type:Office
Price Per Square Foot:$822
Total Square Footage:139,807 SF
Transaction Type:Sale

The sale of an office property in Sorrento Mesa has been completed for a price of $115,000,000. The property, located at 9940-9950 Barnes Canyon Road, spans across 139,807 square feet, resulting in a price per square foot of $822. The transaction took place on December 21, 2021.

Summary of transaction details

  • Property Type: Office
  • Transaction Amount: $115,000,000
  • Address: 9940-9950 Barnes Canyon Road
  • Market: Sorrento Mesa
  • Buyer: BioMed Realty - Ryan Anderson
  • Seller: La Jolla Management Company
  • Brokers: Nick Psyllos & Adam Lasoff - JLL
  • Square Footage: 139,807
  • Price Per Square Foot: $822
  • Date: 12/21/2021

Nick Psyllos and Adam Lasoff from JLL represented the buyer, BioMed Realty, in this transaction.

Players

Adam Lasoff
JLL
Adam Lasoff
6 deals$633M volume(415) 395-7283
BROKER
Nick Psyllos
JLL
Nick Psyllos
5 deals$306.8M volume
BROKER
BR
BioMed Realty
BUYER

Details

SOLD
IMAGE: Nick Psyllos, Adam Lasoff & Ryan Anderson DATE: 12/21/2021 ADDRESS: 9940-9950 Barnes Canyon Road MARKET: Sorrento Mesa ASSET TYPE: Office BUYER: BioMed Realty - Ryan Anderson SELLER: La Jolla Management Company BROKERS: Nick Psyllos (@NickyPDontGram) & Adam Lasoff (@ALasoff) - JLL SALE PRICE: $115,000,000 SF: 139,807 ~ PPSF: $822

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$6,133,333.32

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$408,570.72
Cash-on-Cash Return-1.27%
Monthly Debt Service$545,158.67
Annual Debt Service$6,541,904.04