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SAN DIEGO-Cruzan / Monroe has tucked another San Diego asset into its portfolio, as it has acquired the Sorrento Pines business park from Westcore Industrial Properties for $10.8 million.

Constructed in the 1980s, the project is comprised of four facilities located at 4108-4122 Sorrento Valley Blvd. in the Sorrento Valley area of San Diego. Encompassing a total of 115,000 sf, the property is currently 50% leased to ACON and Pall Corp. Cruzan / Monroe officials say they will market the remaining space while they wrap up a renovation of the common areas and building interiors. Principal Philip Monroe says they anticipate the property to lease up quickly, as the industrial vacancy rate in the Sorrento Valley market stands at just 5.4%.

Nick Psyllos of CB Richard Ellis acted on behalf of Cruzan / Monroe and Westcore Industrial Properties in the recent transaction. CB Richard Ellis is currently responsible for leasing at Sorrento Pines.

Aside from Sorrento Pines, Cruzan / Monroe has picked up three other San Diego assets since the real estate firm’s inception in November 2002. The company has acquired the 204,000-sf Century Park I asset in Kearny Mesa, the 265,000-sf Prescott Industrial Park in Oceanside and the TR Produce building located near PETCO Park. With the addition of the Sorrento Valley asset, Cruzan / Monroe’s portfolio now encompasses more than 600,000 sf.

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