The Shidler Group, in partnership with Angelo, Gordon & Co., bought the four-building office and biotechnology complex located at 10180-10196 Telesis Court. The center includes three class A office buildings totaling 340,287 sf and a 12,780-sf biotech building.

The two partners formed AGRRI Seaview LLC to buy the property from LNR Seaview Inc., an entity of Lennar Corp. Financing of $38.1 million was provided by Lend Lease Real Estate Investments Inc.The complex is 73% occupied. Pfizer, the world's largest pharmaceutical company, became the project's largest tenant in January when it signed an 11-year, 61,000-sf lease.

The campus features such amenities as hiking trails, an on-site café, fitness center, lap pool, tennis and basketball courts, and men's and women's locker rooms.

The purchase "presents a unique opportunity to acquire a quality trophy investment in a desirable San Diego submarket at a price significantly below replacement cost," according to Matt Root, a partner in The Shidler Group.

Colliers International represented both sides in the transaction, with Mark McEwen representing The Shidler Group and Brian Driscoll and Eric Northbrook representing Lennar.

It's the second major purchase of the month for The Shidler Group, which bought The Campus at Scripps Ranch, the former US Airways training and reservation centers at 9850 Carroll Canyon Road, for $7.9 million. In March, the company sold Rio Vista Plaza, one of two buildings in Mission Valley's Rio Vista office complex, for $12.9 million.

Instant Insights /

Shidler Group Buys Biotech Center for $62M

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