SAN DIEGO—Touchstone Investments andAngelo, Gordon & Co. have sold a92,479-square-foot, two-story life science building to HCP,Inc. for $43.75 million.

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The property at 11099 North Torrey Pines Road also includes an8,829-square-foot state-of-the-art greenhouse. LouayAlsadek of CBRE San Diego arranged the deal.

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Situated on 7.88 acres, the building was93% leased at the time of sale to a diversifiedbiotech tenant roster while the greenhouse was 100%leased to Synthetic Genomics. Theproperty is entitled to build an approximately 58,000-square-footoffice/life science building that would replace the greenhouse.

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Alsadek provided investment sales services on behalf of thesellers. The team of Ryan Egli, Richard Danesi andJed Stirnkorb of CBRE will handle leasing for theproperty on behalf of HCP. According to Alsadek, the asset is agood match for HCP's San Diego portfolio.

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“HCP owns the majority of the assets in the surrounding areaincluding Torrey Pines Science Park,” Alsadek said. “This propertywill complement HCP's current presence in the market and the TorreyPines life science community will benefit from HCP's continueddedication 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.