An affiliate of Irvine-based HCP Inc. bought the two-building Scripps Wateridge Corporate Center office campus in Sorrento Mesa, a neighborhood in northwestern San Diego County, for $26.1 million, according to CoStar Group and public data.
HCP Inc. is the largest publicly traded REIT in OC and among the nation’s largest holders of healthcare and life-science properties. CoStar said HCP’s recent strategy has been to buy older Class B office properties and convert them into Class A lab space.
An affiliate of Boston-based Colony Northstar Inc. sold the property, which totals about 124,300 square feet at 6925 and 6965 Lusk Blvd. The seller was represented by Louay Alsadek and Hunter Rowe of brokerage firm CBRE Group Inc.
CoStar Group said the 6965 building is fully occupied by tenant Qualcomm Inc. The 6925 building was vacant at the time of sale, and HCP will be converting it into a “flex” research and development building with office and laboratory elements.
The two buildings were constructed in 1991 on a campus of about 3 acres.
Hirsh is a reporter at sister publication San Diego Business Journal, where this information first appeared.
