We see a lot of industrial flex deals that are highly built out on the office side, which isn’t a great dynamic for us. “It’s very hard to access in the marketplace as we’re really selective in what we’re looking for and where. Industrial flex properties will remain part of GSAM PRE’s strategy going into 2018, in fact “ we’d like to be acquiring more ,” Sumberg said. It plays in to the company’s larger strategy of buying industrial real estate near educational and research institutions, prominent corporations and a large employment base. We believe that the success of this strategy can be attributed to several factors including the region’s critical density of higher education and research institutions, the high number of prominent corporations in rapidly growing technology industries, and also a deep and talented employment base that prefers contemporary work environments that offer open floor plans and indoor and outdoor work options.”Ĭenterpark Plaza is GSAM PRE’s first investment in the area. Montana Avenue Capital Vice President Brad Pennington told CO: “ has successfully repositioned office and industrial assets into creative environments across Southern California. This was a good opportunity to create a new capital relationship for them.” “This deal, from a risk profile standpoint, was a little bit lower risk, yielding lower, which didn’t match the capital. Historically, they’ve had a small group of family office and institutional capital partners for deals,” Ronen told CO. The joint venture purchase was arranged by Los Angeles-based brokerage firm Dekel Capital and negotiated by Dekel Founder and Principal Shlomi Ronen and Senior Vice President Max Friedman. Sorrento Mesa has been a hub for life sciences and for R&D because of its proximity to places like Scripps Ranch as well as the Sanford Burnham Prebys Medical Discovery Institute, Sumberg said. In Sorrento Mesa in particular there is reduced inventory - or the supply is negative - in flex product because of the fact that people are actively acquiring flex R&D industrial product and turning it into creative office - which is a fine investment thesis, it’s just not what our investment thesis is, and not what this investment is about for us.”
“There’s a dynamic that exists there that’s pretty interesting from an investment perspective. “In the GSAM PRE platform we’ve been targeting industrial properties but in a few specific areas, and one of those areas is the Sorrento Mesa, San Diego area,” Joseph Sumberg, a co-head of GSAM PRE, told CO. The acquisition allows the joint venture to offer tenants flex research and development (R&D) space while maintaining the optionality to convert the site into a collaborative indoor-outdoor Class A creative office campus in the future.
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