January 23, 2020– SRS Real Estate Partners’ National Net Lease Group has completed the $9 million acquisition of Sorrento Plaza, a fully occupied, 11,901-square-foot shopping center in the Sorrento Valley submarket of San Diego, CA. The 100 percent occupied property includes Subway, Rubio’s Coastal Grill, Opera Patisserie, Croutons and a dental clinic.
SRS’ National Net Lease Group Senior Vice President Sam Hanna represented the buyer, a private investor based out of Northern California. The seller, Wells Fargo, as the successor trustee was represented by Rick Putkammer and Bill Rose of Marcus & Millichap. The property closed at a cap rate of 5.89 percent and a price per square foot of $756.
Built in 2007, the property is situated on .9 acres of land at 9254 Scranton Road. Sorrento Plaza is near millions of square feet of office properties which provide a strong customer base for the tenants and a daytime population of more than 240,000. Nearby companies include PWC Consulting, Wells Fargo, and a number of biotech firms.
“Our client liked this asset as it offered internet-proof tenancy with a majority of tenants being in the dining category,” said Hanna. “With an abundance of professionals working at nearby companies – many of which are life science and biotech – Sorrento Plaza is poised to see long-term appreciation and rental growth.”
Sorrento Valley is located about 17 miles from downtown San Diego and provides easy access to the 5 and 805 freeways.