SAN DIEGO—Cushman & Wakefield has orchestrated the sale of Pacific Technology Park, a five-building, 544,352-square-foot class A property on 31 acres. The buyer was New York-based Clarion Partners. According to media reports, the asset brought $90 million.

The commercial real estate services firm's Irvine-based team of Jeffrey Cole, Jeff Chiate and Ed Hernandez represented the seller, CBRE Global Investors. Buyer Clarion Partners was represented in house.

"This offering generated a great deal of interest," said Cole. "Clarion Partners was attracted to this opportunity to own a class A industrial park with credit tenancy in a coastal market. With the acquisition, Clarion also has the potential to further improve certain suites to re-lease to creative office and technology tenants at significantly higher rents."

The region's industrial market showed a vacancy rate of just 5.3% as of the third quarter of 2015, and Pacific Technology Park, situated at 9389-9477 Waples Street in San Diego, was 80% leased to 13 tenants at the time of sale. Among the major current tenants are Thermo Fisher, Qualcomm, Novartis, DirectMed, True Temper, Raytheon, Cintas and Tritech.

"The offering provided a critical mass of scarce class A industrial assets located in a corporate business park environment with significant barriers to entry and land values estimated at more than $40 per square foot," said Chiate.

Located in the dynamic Sorrento Mesa submarket, Pacific Technology Park is situated near the interchange of Interstate 5 and Interstate 805. The five buildings, ranging in size from 97,000 to 132,000 square feet, were constructed between 1989 and 1991 and are situated on three separate parcels, allowing for future expansion or individual building sales.

Clarion Partners, headquartered in New York, has offices across the U.S., and in Mexico City, Brazil, and London. The firm has $36.8 billion in total assets under management.

Cushman & Wakefield's industrial brokerage platform provides global resources and local expertise for tenant and landlord representation, disposition and acquisition services, transaction management, and industrial consulting including labor and demographic analysis. In 2014 globally, this group completed more than 8,200 industrial lease and sale transactions, including Capital Markets transactions, totaling nearly 337 million square feet with an aggregate value in excess of $16.8 billion.