Barings Provides Financing for Acquisition and Reposition of Sorrento Ridge Research Park
Barings, one of the world’s leading investment managers, announced today that it has provided a financing package for the acquisition and reposition of Sorrento Ridge Research Park, an office asset in San Diego, CA.
A joint venture between Sterling Bay and Harrison Street Real Estate Capital completed the acquisition and now intends to convert the asset to a life science development.
“We are excited to once again partner with Harrison Street and Sterling Bay in the dynamic San Diego life sciences market,” said Akbar Tajani, Managing Director with Barings. “This investment is another example of Barings' value-add real estate strategy, which focuses on identifying compelling transitional real estate opportunities in high growth markets and sectors, and providing bespoke capital solutions to experienced sponsors to help them achieve their vision.”
The financing from Barings has a five-year term and includes funding for future conversion and leasing costs.
Totaling 60,160 square feet, Sorrento Ridge Research Park is located at 6150 Nancy Ridge Drive in Sorrento Mesa, in close proximity to the University of California, San Diego and the neighboring life science clusters of Torrey Pines and University Town Center. The asset is currently in shell condition and is ready for immediate conversion.
Barings is a $371+ billion* global investment manager sourcing differentiated opportunities and building long-term portfolios across public and private fixed income, real estate, and specialist equity markets. With investment professionals based in North America, Europe and Asia Pacific, the firm, a subsidiary of MassMutual, aims to serve its clients, communities and employees, and is committed to sustainable practices and responsible investment. Learn more at www.barings.com.
*Assets under management as of March 31, 2022