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IQHQ Acquires Waterfront Dev Site in Downtown San Diego

10/01/20

Manchester Pacific Gateway, a future waterfront development site located in Downtown San Diego, California was acquired by IQHQ, a leading life sciences real estate development company, which plans to build Downtown San Diego’s first life science campus on the property. While official plans have yet to be announced, IQHQ has received approvals to develop new Class A office/R&D, lab and retail space on the site. The site was sold by Manchester Financial Group.

The sale consisted of eight of the approximately 12 acres that make up the current Manchester Pacific Gateway mixed-use development site which spans eight city blocks. The sale did not include the 1,000-key luxury hotel or the new 17-story, 372k sf Navy headquarters building.

In addition to the numerous amenities and housing offered in Downtown San Diego, the project’s strategic location south of Broadway, between Pacific Hwy and Harbor Dr, also offers accessibility to a myriad of public transportation services including the new San Diego Trolley Blue Line which will connect Downtown to San Diego’s Life Science Hub in Torrey Pines near UCSD, and also a half-hour COASTER ride to the Solana Beach area. Additionally, its proximity to the San Diego International Airport & Tijuana International Airport also offers convenient mobility options for regional, national and international tenants.

Rick Reeder, Executive Managing Director with Cushman & Wakefield’s Capital Markets represented the seller in the transaction. Cushman & Wakefield’s Brett Ward and Derek Hulse, along with Michael Burton of Flock & Avoyer, provided market advisory services.

“This is an irreplaceable location and one of the most iconic waterfront development sites on the West Coast and there is currently no life science development in Downtown San Diego, which creates a great opportunity for IQHQ,” said Reeder. “IQHQ’s plan for a life science campus on this incredible piece of property at the gateway of San Diego will be a welcomed addition for the marketplace to cater to the growing demand of biotech users while also continuing to build on San Diego’s position as a leading global life sciences market.”




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