POWAY, CA—Sorrento West Properties, Inc., a commercial building operator, has purchased Legacy Stowe Business Center from Pr Stowe LLC for $55 million. Kidder Mathews executive vice president, Mickey Morera, and senior vice president, James Duncan represented both the buyer and the seller in the transaction.
The 13.82 acre, park-like industrial/R&D campus consists of three buildings totaling 241,187 square feet. It is centrally located with easy freeway access and proximity to restaurants and commercial amenities. In 2001, it won the NAIOP Finest Award for best industrial/manufacturing project.
Poway has the lowest overall vacancy rate (currently -2%) than any other submarket in San Diego County. "This investment sale is an indicator of the strong investor demand for high-quality, well located industrial property in the region," said Morera.
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