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10/19/21
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Luminous Capital Management and Austin-based Virtus Real Estate Capital have acquired a 75k sf industrial/R&D building in the Scripps Ranch submarket of San Diego for $12.62 mil ($168/sf). The seller and former occupant of the building, located at 10225 Willow Creek Rd, was LG Electronics U.S.A. Inc.
Luminous and Virtus plan to execute significant renovations to the project to modernize it and position it for occupancy as a bioscience manufacturing plant. Virtus provided joint venture equity for the renovation and repositioning of the property. It features heavy power, dock high and grade-level loading, and the ability to create 28 feet of clear height, all of which aid in the production of pharmaceuticals and other therapeutics.
Bob Dougherty, who founded Luminous earlier this year with partners, Matt Stephenson and Tom Lam, commented, “The Interstate 15 corridor is emerging as a critical market for bioscience manufacturing because it offers proximity to the life sciences discovery nucleus – the labs in Torrey Pines and UTC/La Jolla – at a significantly reduced cost. Luminous was attracted to the Willow Creek property for this reason, along with the convenience of its Scripps Ranch location to a well-educated talent pool.”
The project team includes Ferguson Pape Baldwin Architects heading up the design, and a general contractor with biotech experience nationwide overseeing the construction. Tim Olson and Tony Russell of JLL will spearhead the project’s leasing.
LG was represented in the sale of the building by Louay Alsadek, Darla Longo, Barbara Perrier, Hunter Rowe, Evan Knudson, Maddie Mawby, and Eric Parra of CBRE. John Chun and John Marshall of JLL arranged the equity joint venture between Luminous and Virtus. California Bank & Trust has provided financing for the acquisition, renovation, tenant improvements, and leasing commissions. The property is expected to be made available to users in 2022 upon completion of the planned upgrades.
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