U.S. real estate investment firm Parallel Capital Partners Inc. has sold Inspire Portfolio, a 319,000-square-foot group of office and laboratory buildings in San Diego in a $112 million deal.
U.S. real estate developer Longfellow Real Estate Partners purchased the asset, which boasts a location in the coveted Sorrento Valley submarket.
Parallel had subjected the 12-structure Inspire Portfolio to renovations and a life sciences conversion program, successfully repositioning half of the buildings through a capital investment of $10 million.
Longfellow Real Estate Partners plans to continue the life science conversion plan started by the seller, adding value by repositioning the remaining 50 percent of the portfolio.