SAN DIEGO—Touchstone Investments and Angelo, Gordon & Co. have sold a 92,479-square-foot, two-story life science building to HCP, Inc. for $43.75 million.
The property at 11099 North Torrey Pines Road also includes an 8,829-square-foot state-of-the-art greenhouse. Louay Alsadek of CBRE San Diego arranged the deal.
Situated on 7.88 acres, the building was 93% leased at the time of sale to a diversified biotech tenant roster while the greenhouse was 100% leased to Synthetic Genomics. The property is entitled to build an approximately 58,000-square-foot office/life science building that would replace the greenhouse.
Alsadek provided investment sales services on behalf of the sellers. The team of Ryan Egli, Richard Danesi and Jed Stirnkorb of CBRE will handle leasing for the property on behalf of HCP. According to Alsadek, the asset is a good match for HCP's San Diego portfolio.
“HCP owns the majority of the assets in the surrounding area including Torrey Pines Science Park,” Alsadek said. “This property will complement HCP's current presence in the market and the Torrey Pines life science community will benefit from HCP's continued dedication to providing quality product.”
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
