Parallel Capital Partners Inks $110M Office Lease at The Elements in San Diego's Sorrento Mesa

SAN DIEGO - June 4, 2018 - PRLog -- In a deal valued at $110 million, Parallel Capital Partners, a San Diego-based real estate investment firm, announced today it has renewed its nearly 200,000-square-foot lease with American Specialty Health Inc. at The Elements for over ten years. The Elements is located at 10201 Wateridge Circle (https://maps.google.com/?q=10201+Wateridge+Circle&entry=gmail&source=g) and 10221/10241 Wateridge Circle (https://maps.google.com/?q=10221/10241+Wateridge+Circle&entry=gmail&source=g) in San Diego's Sorrento Mesa neighborhood.

The three-building, five-story Class A office complex was acquired by Parallel Capital Partners in 2014. Since then, the nearly eight-acre property has undergone a more than $3.5 million capital improvement program, including extensive upgrades to common areas, fitness center upgrades, new landscaping incorporating seating areas adjacent to water features, a new outdoor workout area and painted exteriors. American Specialty Health comprises a large portion of the complex, which spans a total of 278,787 square feet.

"The Elements' location near UC San Diego, the Scripps Institute and San Diego Supercomputer Center is very attractive to large employers," said Matt Root, CEO of Parallel Capital Partners. "Sorrento Mesa is a key technology, life science, pharmaceutical and commercial hub – making this location perfect for American Specialty Health," he said. American Specialty Health provides specialty health care networks and programs, fitness and exercise programs and health solutions for health plans, insurance carriers and employer groups.

The listing brokers for this transaction were Mike Hoeck and Matt Carlson with CBRE, and the outside broker was ALT+CO.

About Parallel Capital Partners

Parallel Capital Partners (parallelcapitalpartners.com) is a private, fully integrated real estate investment and operating company focused on acquiring value-added and core-plus opportunities for its own account in primary and secondary markets west of the Mississippi, including Hawaii.