|
|
5/02/22
|
Luminous Capital Management, in partnership with Austin-based Virtus Real Estate Capital, has acquired 5931 Priestly Drive, a 52.8k sf industrial/R&D building in Carlsbad. The property was acquired from locally-based Greene Properties for a purchase price of $14 mil ($265/sf).
The building, which is located in the prestigious Carlsbad Research Center, was fully-leased by two tenants under short-term leases at the time of sale. With existing tenancy at 5931 Priestly Drive expiring in 2023, Luminous and Virtus plan to implement significant renovations to position the property for bioscience R&D and manufacturing. The partial two-story building features approximately 16k sf of 24-foot clear height space along with heavy power, abundant parking, and grade-level loading.
Earlier this year, the Luminous-Virtus venture acquired 2290 Cosmos Court in Carlsbad for a purchase price of $9.6 mil ($255/sf), also with a life sciences conversion plan. Matt Stephenson, a founding principal of Luminous, commented, “We have witnessed significant North County life sciences demand, including many tenants seeking bioscience manufacturing space. Our new acquisition at Priestly Drive is well positioned for those users seeking a mix of R&D and cGMP space.”
Virtus provided joint venture equity for the renovation and repositioning with the investment representing the third acquisition of the partnership in greater San Diego. Last 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.
Greene Properties was represented in the sale of the building by Michael Nucci of RW Commercial, while the buyer was repped by Chris Baumgart of JLL, who will handle leasing of the property. 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.
|
|
 Return to the Archive page
|
|
|
|
|
Printer-friendly Version
Email an Associate
