10770 Wateridge Circle 10770Wateridge Circle

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Chicago-based investment firm Harrison Streethas expanded its portfolio the San Diego life science market. Thecompany has acquired two properties in the Sorrento Mesaneighborhood in a partnership with BioScienceProperties. The two properties total of 234,000 squarefeet and were recently converted to class-A life science spacefollowing a complete rehab project.

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"San Diego is a primary life science market, benefiting from ahighly skilled employee base and strong educational institutions,"Mark Burkemper, a senior managing director andhead of transactions group of North America at Harrison Street,tells GlobeSt.com. "Many life science companies have been built inSan Diego or have expanded their presence in San Diego for theseattractive fundamentals."

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The recent renovation made these an attractive investmentopportunity for the firm. "These assets are newly renovated, classA life science buildings that boast a diverse tenant roster and arewell suited to meet the needs of current and future life scienceusers," says Burkemper. "In particular, the Sorrento Mesa submarketis the fastest growing submarket within San Diego."

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The firm has been focused on the San Diego market, investingacross asset classes, including life science, seniors housing,student housing and medical office. "With a solid base of leadingeducation and healthcare institutions, investing in San Diegoaligns well with Harrison Street's core investment thesis andexpects to continue to grow its San Diego presence over time," saysBurkemper.

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Harrison Street began escrow on the asset prior to the pandemic,but continued negotiations and closed the deal during the pandemic.Despite the recent disruption, the investor believes in thelong-term viability of these assets and the market. "As long-terminvestors, the long-term life science fundamentals remainattractive," says Burkemper. "Across Harrison Street'slife science portfolio, we have long-term leases with leading lifesciences, biotech and big pharma tenants that have a strong creditprofile. Harrison Street's life science tenants have experiencedminimal disruption due to the pandemic; in fact, a number ofHarrison Street's life science tenants are actively working onsolutions to address the pandemic, including the development of avaccine for COVID-19."

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Like its other assets, Harrison Street plans to hold theproperty for the long term, and plans to add value where it can.The two properties are located at 10770 Wateridge Circle and 6325Lusk Boulevard and include laboratory, manufacturing, office andresearch and development space.

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.