Qualcomm Picks Up $30M Business Park

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SORRENTO MESA, CA-Qualcomm Inc, a wireless communications firm, has bought Pacific Point Business Park for $30.7 million. The company plans to occupy 100% of the three-building business park, part of a 15-building portfolio owned by the Shilder Group. When the Shilder Group acquired the building from Mullrock Umbrella LLC, in 2004, Gamma-Metrics, Tachyon Inc and Fujitsu Transaction Solutions were the primary tenants. Fujitsu signed a 63-month lease for 37,886 sf of office and R&D space in the Sorrento Tech Business Park, also part of the Shidler R&D portfolio. Gamma-Metrics and Tachyon have relocated elsewhere in Sorrento Mesa. “This sale validates the strength of the Sorrento Mesa R&D market,” says Matt Root, a Partner in the Shidler Group.Pacific Point Business Park is located on Pacific Center Blvd. and consists of three buildings totaling 54,712, 44,869 and 41,340-sf. Shidler was represented by Eric Northbrook and Lars Platt of Cushman & Wakefield in the sale while QUALCOMM was represented by Bill Fleck and Scott Ginsburg of The Staubach Company.Shidler acquired Morehouse Tech Center I, II and III in Sorrento Mesa this past January as part of a $142-million portfolio acquisition of Arden Realty Inc. properties in the San Diego and Los Angeles areas. The three Morehouse facilities total just over 182,000 sf.Fairfield Residential, a developer and owner of multifamily property, agreed to a long-term lease at Morehouse Tech Center I. Fairfield and signed a six-year, $11.9-million lease for 76,387 sf. Fairfield was already a tenant in the building, with nearly 45,000 sf at the office facility, which is its corporate headquarters, and will nearly double its space requirements under the new agreement. Brigham Black, vice president of leasing with Shidler, tells Globest.com that upon acquiring the Morehouse properties, his company’s marketing team began developing an action plan to lock up space at the facility long term. Although Fairfield’s lease was not due until 2006, Shidler approached the firm about inking an early renewal and expansion.Black adds that the Sorrento Mesa market has rebounded from an earlier slump. The Shidler Group owns between 500,000 sf and 600,000 sf in the submarket and has activity in all its buildings in the area. “We’re currently seeing good absorption and in the third and fourth quarters, we will see tremendous lease and investment deals that will positively affect the submarket,” Black says.