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SAN DIEGO-Two years after acquiring Sorrento Pines Business Park, local investment and development firm Cruzan|Monroe has flipped the industrial and R&D property for $18.9 million. Los Angeles-based Rexford Industrial LLC, an acquisition, development and management firm added to its San Diego holdings, which now tops 750,000 sf.For Cruzan|Monroe, this deal is the latest in its bid to shed pieces of its portfolio. Philip Monroe, principal with the firm, tells Globest.com his company has been "a net seller recently. It's challenging to buy right now," says Monroe. "There's too much capital chasing too few deals."Earlier this year, Cruzan|Monroe sold an office and industrial portfolio to Los Angeles-based Lowe Enterprises. Sorrento Pines was part of that initial deal, but the property wound up being kicked out. "It worked out well for us," says Monroe.Under the previous terms, Cruzan|Monroe would have picked up under $15 million for the property, according to Monroe, compared to the nearly $19 million it gained in the current deal.The business park counts 114,421 sf and sits on 7.89 acres. The property includes four single and multi-tenant buildings and is nearly 80% leased. Tenants included ACON Labs, HERAE, The Boxing Club, Skyepharma Inc. and Pall Corp."It was a value-added play for us," says Monroe. He adds that the firm provided a physical rehab to the property, including painting and upgrading the buildings' exteriors as well as roof and building system upgrades."We also got the property leased back up," he says. Sorrento Pines held a roughly 50% vacancy rate when Cruzan|Monroe acquired it. The property currently holds one contiguous vacant space of some 20,000 sf.While the firm is not picking up many new investments in the present market, Monroe says the company is constantly looking for the deal that makes sense. Until it finds the right properties Cruzan|Monroe is focusing on ground-up development. "We have roughly 1.5 million sf of office and industrial property in various stages in the pipeline in San Diego County," says Monroe.