The deal of the week was the sale of the two-building, approximately 53,000-square-foot office campus in Sorrento Valley at 3911 and 3931 Sorrento Valley Blvd., San Diego, for $6,707,500.
The buyer was 3911/3931 SVB LLC, with CMN Master (T) LLC as the sole member. Cruzan Properties-Investments (T) LLC, with Dennis S. Cruzan as the member, is the managing member of CMN Master.
The acquisition was financed with a loan of $9,935,000 from Wells Fargo Bank.
The building at 3911 is 28,800 square feet on a 1.94-acre lot. The building at 3931 (above) is 24,000 square feet on 5.1 acres. Both were constructed in 1979.
The seller of the property was RGH Holdings Limited Partnership, an Alaska limited partnership.
Harris Management LLC with Henry K. Workman Jr. as the manager, is the general partner of RGH.
Both buildings were occupied by ACADIA Pharmaceuticals Inc. (Nasdaq: ACAD).
In early 2010, ACADIA restructured the lease on 3911 and terminated the lease at 3931.
In June 2013, ACADIA leased 19,000 square feet at 11085 Torreyana Road for three years with a three-year option.