Seaview Corporate Center Changes Hands for $92M

SAN DIEGO, CA-A partnership between The Shidler Group and Angelo, Gordon & Co. has sold the 353,067-sf Seaview Corporate Center in Sorrento Mesa to Principal Real Estate Investors for $92.1 million. The selling entity, known as AGRRI Seaview LLC, had acquired the asset in April 2002 for $62.5 million and increased its occupancy by nearly 30% during its ownership.”When we acquired Seaview Corporate Center, it was about 68% occupied,” says Matt Root, a partner in The Shidler Group. “We stabilized it and that took us to a 96% occupancy level,” he tells GlobeSt.com. During its ownership period, AGRRI negotiated some significant deals, including Plus Orthopedics for 40,000 sf and Computer Associates for 40,000 sf, according to Root. He points out to GlobeSt.com that “once we stabilized the asset, we were approached preemptively by a lot of institutional owners, and the partnership then made the decision to sell.” Secured Capital handled marketing for the asset, which was listed for 120 days. A Secured Capital brokerage team comprised of Adam Edwards, Steve Silk and Jay Borzi acted on behalf of both parties in the Seaview Corporate Center sale. In addition, Eric Northbrook, Brian Driscoll and Chad Urie of Colliers International assisted Secured Capital in the transaction.Located at 10180-10196 Telesis Court, Seaview Corporate Center is comprised of three class A office facilities totaling 340,287 sf and one 12,780-sf biotechnology building. Amenities here include hiking trails, an onsite café, fitness center, lap pool, tennis and basketball courts, and men’s and women’s locker rooms. Although AGRRI has sold Seaview Corporate Center, The Shidler Group plans to continue investing in the Sorrento Mesa market. “I like the market a lot long-term; it’s just that at the numbers we achieved, it was compelling to sell,” Root tells GlobeSt.com. He says Sorrento Mesa has matured over the last five years and that “for the quality of projects up here, you have plenty of capital that will buy it.”