JV Buys Centerpark Plaza In Sorrento Mesa

A JV of Goldman Sachs Asset Management Private Real Estate and Montana Avenue Capital Partners has acquired Centerpark Plaza, a 204K SF campus with eight flex industrial buildings and one office building in the Sorrento Mesa submarket. The sale was for an undisclosed amount.

Centerpark Plaza has a diversified tenant base with tenants in the life science, business, healthcare and technology industries. Existing tenants use the space for research and development, light manufacturing and creative and traditional office. The complex previously sold in 2006 for $41.75M.

“Sorrento Mesa has a long and consistent history of demand for flex industrial and R&D space, which has only recently begun to be materially supplemented by tenants desiring creative office space. This dynamic has resulted in negative supply in the flex R&D property type, but demand for this space is as strong as it has ever been. We believe this dynamic of decreasing inventory and increasing demand is unusual,” Goldman Sachs Asset Management Private Real Estate co-head Joseph Sumberg said in a statement.

The JV has the option to convert the site into a collaborative indoor-outdoor Class-A creative office campus, according to Montana Avenue Capital Partners Vice President Brad Pennington.

Centerpark Plaza is Goldman Sachs Asset Management Private Real Estate's sixth industrial investment and its first in San Diego. It is part of the company's larger strategy of buying industrial real estate near educational and research institutions, prominent corporations and a large employment base.