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Deal of the Week - Sale

Alexandria in Sorrento Valley

Brian Starck, a senior vice president with Cassidy Turley's San Diego office, along with Senior Managing Director Dave Odmark, represented both parties in the Deal of the Week.

The deal was the sale of Sorrento Science Park, a three-building, 42,241-square-foot life science and R&D property at 4025, 4031 and 4045 Sorrento Valley Blvd., San Diego for approximately $12.4 million.

The transaction involved payment of $5,185,000, plus assumption of a March 2006 loan of $8.25 million with an outstanding balance of $7,215,000 million.

The buyer was ARE-SD Region No. 37 LLC, c/o Pasadena-based Alexandria Real Estate Equities Inc. (NYSE: ARE).

The seller of the property was Sorrento Science Park LLC, with Ivan Carl Gayler and Robert D. Tomlinson as the managers.

The property is adjacent to Alexandria's Sorrento Research Facility, and blocks from three buildings the REIT purchased on Roselle Street earlier this year.

Sorrento Science Park was developed in 1973 on 5.17 acres.

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