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Case Study

Moda Sorrento
San Diego, CA
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  • Moda Sorrento is a four building lab project situated on a 6.58-acre lot in the Sorrento Mesa sub-market of central San Diego purchased in a Joint Venture with Goldman Sachs
  • Purchased from Embarcadero Capital, this asset was the last in Embarcadero’s San Diego portfolio and had received almost no capital investment over the past several years
  • At purchase, the asset was 70% leased. Significant capital improvements transformed the project into a creative campus environment. Improvements included: exterior facade and landscaping modernization, lobby upgrades and a new amenity “necklace” — an outdoor amenity area that traverses through the buildings with activity areas and seating nodes

 

Acquisition Highlights

  • Property Size: 100,000 SF
  • Acquisition Date: August 2014
  • All-in Cost: $33.9 million ($339/SF)
  • Completion Date: August 2015
Moda Sorrento

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