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Parallel & Zell Group Buy San Diego Project for $73 Million

by Realty News ReportMarch 24, 2014
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San Diego Office Project Sold.
San Diego Office Project Sold for $72.5 million.

SAN DIEGO  – Expanding its San Diego footprint and adding nearly 300,000 square feet to its portfolio, Parallel Capital Partners has acquired a three-building Class A office complex in Sorrento Mesa – San Diego’s premier technology hub – for $72.5 million.

Parallel purchased the project, known as Wateridge Plaza, in a joint venture with Equity Group Investments, a Chicago-based private investment firm founded by famed entrepreneur Sam Zell, from a partnership of Beacon Capital Partners and C-III Realty.  The broker for the seller was Adam Edwards, Eastdil Secured.

Constructed in 1984, the office campus consists of three five- and six-story buildings totaling 278,787 sf as well as a parking complex.  The eight-acre project includes future development potential of  168,000sf of office.  Parallel has retained architectural firm Gensler and Glanz Signing & Graphics to collaborate and implement the additional improvements.

The principals of Parallel Capital Partners – Matt Root, Jim Ingebritsen and Jim Reynolds – have a successful history in the Sorrento Mesa market, and in 2002 acquired Seaview Corporate Center for $65 million which they sold to Principal Financial Group in 2004 for $92.1 million. They re-acquired that property at the height of the credit crisis in 2009 from Principal Financial Group for $75 million and sold it to John Hancock Real Estate in 2011 for $109 million.

Parallel added more than $400 million in commercial real estate to its portfolio last year, with key purchases in Dallas and Orange County.

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