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12/03/18
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TH Realty purchased an 82k sf, two-story, Class A Life Science building located in San Diego’s Sorrento Mesa submarket for $43.2 mil, or $527/sf. The property was sold by Bollert | Lebeau.
The building is located at 10222 Barnes Canyon, east of I-805, just off Lusk Blvd. The property is fully leased to two tenants, Invivoscribe Technologies and Crinetics Pharmaceuticals.
In less than 24 months, B|L acquired the property, completed a $17 mil renovation, executed leases for 100% of building, and sold the property. Renovations included a new building façade and window line, upgraded landscape, and removal of all existing interior improvements to construct Class A life science laboratories and office space.
“The building potential was apparent, we knew the interior clear heights would make for fantastic open office and lab space and give us the flexibility to respond and appeal to a variety of life science tenants” said Steve Bollert, president of Bollert | LeBeau.
Bob Prendergast, Lynn LaChapelle, Sach Kirpalani and John Morrison with JLL represented the seller in the deal. The buyer represented itself.
"San Diego is one of the leading life science markets in the nation, ranking third behind Boston and San Francisco," said Prendergast. "10222 Barnes Canyon provided the buyer with the opportunity to acquire a recently repositioned, stable asset in a growing submarket with high barriers to entry."
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