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Legacy buys Sorrento Valley industrial park

Consisting of four L-shaped buildings, the approximately 98,289-square-foot Sorrento Canyon Technology Park in Sorrento Valley at 5451-5499 (photo) and 5501-5549 Oberlin Drive, San Diego 92121, has been sold for $18,089,000, cash.

The buyer was LGGS Sorrento LLC, c/o Legacy Partners Commercial Acquisitions, 4000 E. Third Ave., Suite 600, Foster City 94404, attn.: Robert F. Phipps.

The seller of the property (assessor's parcels 341-321-42 and 43) was ECI Two Oberlin LLC, headed by Embarcadero Capital Partners LLC, with Eric Yopes as the manager.

The pair of one-story, at 5451-5499 total approximately 48,590 square feet and were built in 1984 on 3.34 acres. The two one-story buildings at 5501-5549 total approximately 47,699 square feet and were built in 1984 on 3.24 acres.

The campus was sold in December 2007 for $18.64 million, with financing of $16,448,000 from Bank of America (NYSE: BAC). Previously, the property was sold in May 2003 for $20,079,738.

Legacy Partners also owns two other San Diego properties:

* The three-building, 306,847-square-foot Torrey Ridge Science Center at 10578, 10628 and 10614 Science Center Drive, San Diego, acquired in August 2012 for $51.25 million.

* The two-building, 23,867-square-foot Legacy Wateridge campus at 10421 and 10431 Wateridge Circle, San Diego, acquired in May 2006 for $32.75 million.

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