SAN DIEGO—CBRE has arranged the sale of a two-building, 311,305-square-foot office campus to Invesco Real Estate and San Diego-based developer Cruzan for $85.5 million. Located at 6420 and 6450 Sequence Drive in the Sorrento Mesa submarket of San Diego, the project is situated on nearly 26 acres with approximately 5.7 acres of developable land.
Louay Alsadek, Justin Parsonnet, Hunter Rowe, Chris Pascale and Mike Hoeck of CBRE represented the seller, a publicly traded company. Invesco Real Estate and Cruzan represented themselves. Mark McGovern and Scott Peterson of CBRE debt & structured finance worked on behalf of Invesco Real Estate and Cruzan to secure a $70 million, four-year, variable rate loan through Cornerstone RE Advisors.
The campus is equipped with secured lobbies, cafeteria, gym, showers, basketball and volleyball courts, as well as several patios located throughout the property that serve as outdoor lounge and dining areas.
The existing architecture and design of the property was ahead of its time when initially built in 1998. Cruzan's plans are to enhance what is already there. Their goal is to make the campus great for current and new tenants. Renovations will include the creation of a contemporary café, a fully–integrated fitness center, an outside amphitheater for all tenants to use, and new passive and active spaces for use by all campus tenants.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
