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Sterling Bay West and Harrison Street Buy Two Life Sciences Properties in Sorrento Mesa

4/19/21

A joint venture between Sterling Bay West and Harrison Street has acquired two life sciences properties located in Sorrento Mesa, a thriving life science and biotechnology submarket of San Diego. The assets fetched a combined price of $31.25 mil.

One of the properties is 5785 Oberlin Drive, a 62.8k sf office building that will undergo infrastructure redevelopment to create Class A office and lab space, offering future tenants access to flexible floorplates of up to 20k sf. Oberlin Drive is one of the most active stretches of life sciences activity in Sorrento Mesa and is located near Cornerstone Research Lab, a life science incubator with over twenty small tenants and a history of launching spin-off companies into larger facilities. Redevelopment is expected to begin in 2021 with an anticipated delivery in 2022.

The other property, 11010 Roselle/3560 Dunhill, is a two-building, 28k sf office complex that will undergo infrastructure redevelopment to create Class A creative office and lab space, offering future tenants customizable floorplates of up to 15k sf. The buildings are well-situated near the I-805 Fwy and are within walking distance to various retail amenities and near key research institutions such as UC San Diego. Redevelopment is expected to begin in 2022 with an anticipated delivery in 2023.

“This transaction is emblematic of Harrison Street’s deep commitment to supporting the life sciences sector as the need for breakthrough therapies and innovations has never been greater. Moreover, given its proximity to many of the world’s most respected research institutes and technology companies, San Diego sits at the nexus of life sciences and innovation, positioning it perfectly for the next big biotech boom,” said Mark Burkemper, Senior Managing Director and Head of North American Transactions at Harrison Street.

5785 Oberlin
5785 Oberlin
Matt Pourcho, Louay Alsadek, Hunter Rowe and Anthony DeLorenzo from CBRE’s Capital Markets, along with CBRE’s local market leasing experts Scott Kincaid and Matt Nickels, represented the seller of 5785 Oberlin, Los Angeles based real estate firm Alvarez & Marsal. Steve Bruce, Chris High and Conor Evans from Newmark San Diego represented the seller of 11010 Roselle/3560 Dunhill, a San Diego based real estate development firm.







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