Matt Root Matt Root

Parallel Capital Partners has achievedsubstantial returns on a Sorrento Valley office portfolio. Parallelpurchased the portfolio in 2012 from Collins Development Co. for$63 million, and has just sold the final 12 office buildings in theportfolio for $112 million to Longfellow Real Estate Partners.Along with two earlier sales, the entire portfolio traded hands for$149.2 million. Parallel infused $10 million into the final 12buildings, known as the Inspire Portfolio.

“The Collins portfolio represented a rare opportunity to acquirea critical mass of non-homogenous but extremely well located lightindustrial and office buildings in La Jolla, Sorrento Valley andRancho Bernardo,” Matt Root, CEO at ParallelCapital Partners, tells “Not all that long ago, lightindustrial buildings were considered a step down for premiertenants. The market has changed. Now from New York toL.A., creative spaces are not only in demand as places to work,they now are sought after, command premium prices and influence thedesign and direction of traditional class-Abuildings. Changing real estate markets and economicfactors over the last decade have dictated that older buildingsaccommodate uses disparate from their original design intents.”

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.