Bollert | LeBeau sells life sciences building in San Diego for $43.2 million
JLL completes sale of 10222 Barnes Canyon in Sorrento Mesa area
SAN DIEGO, CALIFORNIA, November 29, 2018 – Bollert | LeBeau has closed on the sale of 10222 Barnes Canyon, an 81,976-square-foot, two-story, Class A Life Science building located in the highly desirable submarket of Sorrento Mesa of San Diego, California. The property is fully leased to two tenants, Invivoscribe Technologies and Crinetics Pharmaceuticals, and was sold to TH Realty for $43.2 million.
JLL’s team of Bob Prendergast, Lynn LaChapelle, Sach Kirpalani and John Morrison represented the seller, Bollert | Lebeau. The buyer represented itself.
"San Diego is one of the leading life science markets in the nation, ranking third behind Boston and San Francisco," said Prendergast. "10222 Barnes Canyon provided the buyer with the opportunity to acquire a recently repositioned, stable asset in a growing submarket with high barriers to entry."
In less than 24 months, B|L acquired the property, completed a $17 million renovation, executed leases for 100% of building, and sold the property. Renovations included a new building façade and window line, upgraded landscape, and removal of all existing interior improvements to construct Class A life science laboratories and office space. “The building potential was apparent, we knew the interior clear heights would make for fantastic open office and lab space and give us the flexibility to respond and appeal to a variety of life science tenants” said Steve Bollert, president of Bollert | LeBeau.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with operations in over 80 countries and a global workforce of 88,000 as of September 30, 2018. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com