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December 5, 2023
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Luminous Capital Management and Virtus Real Estate Capital Buy 37k sf Carlsbad R&D Building


Luminous Capital Management, in partnership with Austin-based Virtus Real Estate Capital, has acquired 2290 Cosmos Court, a 37.3k sf industrial/R&D building in Carlsbad, for $9.53 mil ($255/sf). The building, which until April 2021 housed operations of the global communications company, ViaSat, was sold vacant by a partnership led by Los Angeles-based Excelsior Partners.

Luminous and Virtus plan to conduct significant renovations, including the buildout of wet lab and support space to ready the property for bioscience research and development. Cosmos Court offers unique single-tenant identity on a heavily wooded site at the end of a secluded cul de sac. Featuring an extensive glass line on four sides, the property also provides heavy power, ground level loading, and abundant parking.

Tom Lam, a founding principal of Luminous, commented, “We identified growing demand for high-quality lab space in Carlsbad driven by the lack of availability in the core Central County submarkets. At the same time, much of the available inventory in North County is controlled by large corporate users or is inferior second- and third-generation space. Cosmos Court presents an outstanding opportunity to construct a modern life science building for a growing enterprise.”

Virtus provided joint venture equity for the renovation and repositioning with the investment representing the second acquisition by the partnership in greater San Diego. In September, Luminous and Virtus acquired 10225 Willow Creek Road, a 75k sf R&D building which is also undergoing a conversion to life science use. Matt Withey, Managing Director of Virtus, added “Large biotech companies such as Thermo Fisher, MilliporeSigma, and GenMark have had a presence in Carlsbad for a long time. On a smaller scale, offering high-quality R&D space to emerging companies allows them to tap a deep talent pool which already resides in North County.”

Excelsior was represented in the sale of the building by Rusty Williams, Chris Roth, and Jake Rubendall of Lee & Associates. John Chun and John Marshall of JLL arranged the equity joint venture between Luminous and Virtus. California Bank & Trust provided financing for the acquisition and conversion. The property is expected to be made available to bioscience users in early-2023 upon completion of the planned upgrades.

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