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Lenders, Investors Getting Comfortable with Sorrento Again

SAN DIEGO—After Qualcomm’s downsizing 18 months ago left significant vacancies in the submarket, borrowers and traditional and bridge lenders are investing in Sorrento Mesa once more as a strong office area, PCCP’s Ron Bonneau tells GlobeSt.com EXCLUSIVELY.

Ron Bonneau Bonneau: “It’s about being comfortable with the borrower and its ability to execute its business plan—that’s what lenders are scrutinizing at this point in the cycle.”

SAN DIEGO—After Qualcomm’s downsizing 18 months ago left significant vacancies in the submarket, borrowers and traditional and bridge lenders are investing in Sorrento Mesa once more as a strong office area, PCCP, LLC’s SVP Ron Bonneau tells GlobeSt.com. As we recently reported, PCCP has provided a $25.6-million senior loan to Angelo, Gordon & Co. for the acquisition, repositioning and leasing of Wateridge Pointe, a two-building office project in the Sorrento Mesa submarket of San Diego; the seller was SteelWave. We spoke exclusively with Bonneau about the financing market for office repositioning in San Diego.

GlobeSt.com: What is the financing market like for office repositioning in San Diego?

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Carrie Rossenfeld

Carrie Rossenfeld

Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.

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