Newport Beach, CA (January 21, 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.
SRS’ National Net Lease Group, with more than $1.5 billion in assets currently listed for sale, successfully completed more than 400 transactions in 2019, across 35 states nationwide.
About SRS Real Estate Partners
SRS Real Estate Partners is the largest real estate company in North America exclusively dedicated to retail services. Headquartered in Dallas with more than 25 offices worldwide, SRS’ strong reach and international presence provide the company with unparalleled knowledge both globally and domestically. As a result, clients of SRS have a competitive edge through a full range of offerings including brokerage services, corporate services, development services, and investment services. Since its inception in 1986, SRS has built a strong foundation in the retail real estate world and grown into one of the industry’s most influential and respected leaders. Our success is measured in the achievement of our clients’ objectives, satisfaction and trust. For more information, please visit srsre.com.
SRS’ National Net Lease Group (NNLG) is a unified platform of seasoned net lease professionals located and transacting nationally with all underwriting and marketing efforts strategically located in Southern California. In 2019, the group completed more than 400 sales across more than 35 states and has over 50 NNLG professionals nationally. From proactive sales to targeted acquisitions and tailored debt and equity solutions, SRS’ National Net Lease Group offers comprehensive services to net lease owners and investors. Superior speed-to-market, world-class marketing materials, a deep investor database and unparalleled retail submarket intelligence from the entire SRS platform allow SRS’ National Net Lease Group to deliver the best possible returns. For more information, please visit srsre.com/national-net-lease-group.