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5/10/22
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A 76.9k sf industrial building in Vista was recently purchased by a joint venture between Lincoln Property Company and Angelo Gordon. The building will be repositioned for future life science use. The buyers obtained $27.4 mil in financing for the acquisition and repositioning of the building.
The new owner plans to convert the existing square footage, currently consisting of traditional R&D and manufacturing space, into manufacturing space that meets Current Good Manufacturing Practices (cGMP) for life science users. The property features 149 parking stalls, five grade level doors, 28’ clear heights and 8,000 AMPs of power.
The property is situated on just over four acres at 2065 Thibodo Rd in the North County submarket along the central I-78 Corridor of San Diego. The submarket is one of the most attractive for R&D and life sciences companies as it enjoys a diverse economy, strong talent pool, high quality of life and convenient access to the rest of San Diego County.
Aldon Cole, Jordan Angel, Daniel Pinkus and Auden Menke with JLL Capital Markets arranged the three-year, floating-rate loan through Citizens. Joe Anderson, also with JLL, arranged the sale from the previous owner and currently represents the borrower in their efforts to lease the building.
San Diego is home to over 1,300 life science companies employing nearly 64,000 people. San Diego has one fourth of California’s research institutes, captures over 60% of National Institute of Health (NIH) awarded projects and receives approximately 60% of NIH funding. Life science employers are attracted to the market due to several reasons, including the highly educated population, the #3 life sciences market in the U.S., a built-out eco-system of world-class companies and the highest concentration of defense personnel in the nation.
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