Virtua Partners has sold the Britannia Business Center in Pleasanton, California, a city in the Bay Area, for $78 million to an unnamed buyer. The 292,000-square-foot property is among the top-performing R&D campuses in the Bay Area.

Located at 4125, 4155, 4255 and 4385 Hopyard Rd., the property is walking distance from the Pleasanton BART station and directly off of Interstate 680 in a life science corridor. It is also driving distance from UC Berkeley, UCSF, Stanford University, Santa Clara University and San Jose State University. The building features R&D, flex and office space with 13-foot to 20-foot clear heights, eight roll-up doors, one dock high door and 1,600 to 3,000 amps available. It was 68.8% leased at the time of the sale to mostly credit tenants.

The Bay Area is home to one of the largest life science clusters in the country. According to research from Real Capital Analytics are three of the markets in the top five life science markets in the country. When the three markets are combined, the San Francisco Bay Area beats out Boston, which as a standalone is the leading life science hub in the country ."There too, great universities like UC Berkeley and Stanford create the labor force that life sciences firms need to thrive," says Real Capital Analytics' Jim Costello.

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Boston, San Francisco and San Diego are generally regarded as the top life science markets in the country. Those three markets captured 70% of all venture capital in the US in the third quarter 2021, according to research from CBRE. In the third quarter, companies in the space seeking nearly 24 million square feet of new real estate, but even with ample development, the current construction pipeline falls about 2.8 million square feet short of meeting demand. CBRE doesn't expect the pace of demand to slow, predicting a supply-demand imbalance in the sector.

Senior directors Erik Hanson and David Dokko and director Nick Deaver of the JLL capital markets team represented Virtua Partners in the transaction and procured the buyer.

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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.