Graymark Capital Makes 92,477 SF R&D Acquisition In San Diego, CA
San Diego, CA, May 2019 – Graymark Capital, Inc., has acquired a 92,477 square foot R&D property in the Sorrento Mesa submarket of San Diego.
10455 Pacific Center Court is an institutional quality, two-story R&D building with large floor plates, extensive glass line, modern lobby and canyon views. The asset is located in Sorrento Mesa, the most dynamic submarket in San Diego, which has benefitted from growth in the telecom, technology and life science sectors, including Qualcomm, Verizon and Google in the telecom/technology space and Dexcom, Nuvasive and Becton-Dickson in the life science space.
The project was purchased under Graymark Capital’s reposition strategy, which focuses on well-located, infill assets that can be enhanced through modern renovation and professional management. Graymark plans to complete a cosmetic upgrade of the property with modernized exterior, improved outdoor amenity space and new landscaping. The project is currently 45% occupied by two local tenants, AnaptysBio and Trex Enterprises with the remaining vacancy in a warm shell condition.
This property was an appealing investment for Graymark due to the quality of the asset, desirable location, discount to replacement cost and excellent market fundamentals. 10455 Pacific Center Court is Graymark Capital’s 4th project in San Diego.
The HFF investment advisory team representing the seller was led by senior managing director Nick Psyllos and senior associate Kara Mathis.
About Graymark Capital
Graymark Capital, Inc. is a real estate investment firm headquartered in San Francisco, California that invests in commercial properties throughout the West Coast. The company has acquired 2,000,000 square feet of institutional quality property valued at over $700 million since 2012. Founded by CEO Brian Hecktman, with COO/CFO Jeff Hoppen and SVP of Acquisitions Rick Lafranchi, the company focuses on opportunities where it can create significant value by active asset management and repositioning. Graymark invests in assets with a modern design that appeal to today’s tenants that are located in infill markets on the West Coast with a highly-educated workforce, strong employment growth and attractive quality of life.