$15M financing secured for Torrey Pines life sciences property
JLL Capital Markets led financing efforts for the 51,000 SF La Jolla Spectrum facility in La Jolla, California
SAN DIEGO, June 30, 2021 – JLL Capital Markets announced today that it has arranged $15 million in senior financing for La Jolla Spectrum, a 51,000-square-foot, Class A life sciences facility in La Jolla, California.
JLL worked on behalf of the borrower, Altman Investment Management, LLC, to secure the 15-year, fixed-rate loan through Nationwide. David Odmark and Nevins McBride are the principals of Altman.
La Jolla Spectrum is located at 10865 Road to the Cure in the Torrey Pines life sciences submarket of San Diego. The property is ideally positioned in the heart of Torrey Pines. Completed in 2000, La Jolla Spectrum is fully leased with Becton Dickinson as the primary tenant.
The JLL Capital Markets team representing the borrower was led by Senior Managing Director Aldon Cole and Associate Bharat Madan.
According to JLL’s 2020 Life Sciences Real Estate Outlook, the Torrey Pines submarket is the tightest life sciences submarket in San Diego and is positioned for future growth. Overall, San Diego is the third top life sciences market in the country and employs more than 71,000 employees in the life sciences sector up more than 10% over the last five years.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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Jones Lang LaSalle Americas, Inc. ("JLL") is a real estate broker licensed with the California Department of Real Estate, license #01223413.
About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 91,000 as of March 31, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Altman Investment Management
Altman purchased the 3.5-acre lot and developed the two-story building over a parking structure in 2000. Delawie, Wilkes was the building architect and DPR was the general contractor.