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8/13/14
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HCP Inc has acquired a 92.5k sf, two-story life science building and an 8.8k sf state-of-the-art greenhouse in Torrey Pines. The property, located at 11099 North Torrey Pines Rd, was sold by Touchstone Investments and Angelo, Gordon & Co for $43.75 mil.
Situated on 7.88 acres, the building was 93 percent leased at the time of sale to a diversified biotech tenant roster while the greenhouse was 100 percent leased to Synthetic Genomics. The property is entitled for construction of a 58k sf office/life science building that would replace the greenhouse.
Louay Alsadek of CBRE San Diego provided investment sales services on behalf of the sellers. The team of Ryan Egli, Richard Danesi and Jed Stirnkorb of CBRE will handle leasing for the property on behalf of HCP. According to Alsadek, the asset is a good match for HCP’s San Diego portfolio.
“HCP owns the majority of the assets in the surrounding area including Torrey Pines Science Park,” Alsadek said. “This property will complement HCP’s current presence in the market and the Torrey Pines life science community will benefit from HCP’s continued dedication to providing quality product.”
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