Parallel Capital Partners Acquires Class A San Diego Office Complex for $50.6 Million

SAN DIEGO - July 10, 2019 - PRLog -- Adding to its growing San Diego portfolio, San Diego-based Parallel Capital Partners announced today it has acquired Sky Park Office Plaza – a two-building Class A office complex at 9275 and 9325 Sky Park Court in the Kearny Mesa submarket – for $50.6 million. HFF's Nick Psyllos and Michael Leggett represented the seller and Parallel represented itself in the deal.

Spanning 203,258 square feet on 5.8 acres, the property – acquired from Blackstone/Equity Office Properties – was built in 1986 and is comprised of a three- and four-story glass and concrete office complex with steel frame construction and large flexible floor plates, as well as an onsite café and full-service gym.

The property is 96 percent leased to a diversified tenant mix with major tenants including Union Bank, Qualcomm, Liberty Mutual Insurance, The Travelers Indemnity Company and Molina Healthcare.

According to Matt Root, CEO of Parallel Capital Partners, the complex was an appealing acquisition for multiple reasons. "The property is ideally located with close access to I-15, I-8, I-805 and I-5 in San Diego's strongest infill suburban submarket," he said. "Fueled by strong tenant demand, Kearny Mesa is the best performing submarket in the region with consistently low vacancy rates. Sky Park is also situated within the Kearny Mesa Community Plan Update boundary which will stimulate future growth by allowing for higher residential density while promoting a vibrant live-work-play environment."

Additionally, Root said this latest acquisition reflects his firm's core mission of acquiring best of class value add assets in top western markets. "While the property has undergone multiple upgrades over the years, there is significant potential for further enhancements. For the immediate future, we plan to invest approximately $1 million in renovations, including façade upgrades and improvements to building finishes."

Currently Parallel has over 4.5 million square feet of office, industrial and retail space in its portfolio.

About Parallel Capital Partners, Inc.

Parallel Capital Partners, Inc. 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. For more information visit www.parallelcapitalpartners.com.