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September 28, 2020
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Alexandria Real Estate Equities Picks Up San Diego Flex/R&D Building for $17 Mil


Alexandria Real Estate Equities bought a 62.4k sf, two-story, flex R&D building in San Diego for $17 mil ($272/sf) in an off-market transaction. The property, located at 9877 Waples St, was sold by LPC West Inc, the West Coast operating division of Lincoln Property Company.

The building, which LPC West acquired in September 2019, is situated in San Diego’s biotech-heavy Sorrento Mesa submarket. Currently, the building is mid-way through LPC West’s biotech conversion process, which the buyer will complete.

Andy Huggett, Bill Dolan and Sean Williams of CBRE represented LPC West in the sale, while Alexandria represented itself.

Concurrently, LPC West leased the entirety of its 39.6k sf, two-story industrial-flex-lab property at 9955 Mesa Rim Rd, less than one mile from the Waples property, to Biocept for an undisclosed amount. Lincoln purchased the property in December 2019 with a soon-to-expire lease in place.

“The Sorrento Mesa submarket in San Diego has remained strong with demand from both tenants and buyers looking to secure preeminent locations in the city’s life sciences cluster,” said Brig Black, executive vice president of LPC West. “We are very excited to add Biocept to our San Diego tenant roster.”

Biocept is a molecular diagnostics company that supplies its proprietary liquid biopsy technology to physicians, providing them with critical and timely information for treating and monitoring patients diagnosed with cancer.

Jack Hughson and Glenn Arnold of Cushman & Wakefield represented LPC West in the 127-month lease, to commence in the fourth quarter of 2020, while Greg Bisconti, also of Cushman & Wakefield, represented Biocept.

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