News release

Industrial building in San Diego receives $27.4M in financing

JLL Capital Markets led financing efforts for the acquisition and reposition of the soon-to-be life science building in the North County submarket

May 09, 2022

Kristen Murphy

Capital Markets, Hotels & Hospitality and Value & Risk Advisory PR
+1 617 848 1572

SAN DIEGO, May 9, 2022 – JLL Capital Markets announced today that it has arranged $27.4 million in financing for the acquisition and repositioning of 2065 Thibodo Rd., a 76,872-square-foot industrial building in Vista, California. The building will be repositioned for future life science use.

JLL worked on behalf of the borrower, a joint venture between Lincoln Property Company and Angelo Gordon, to secure the three-year, floating-rate loan through Citizens.

The new owner plans to convert the existing square footage, currently consisting of traditional R&D and manufacturing space, into manufacturing space that meets Current Good Manufacturing Practices (cGMP) for life science users. The property features 149 parking stalls, five grade level doors, 28’ clear heights and 8,000 AMPs of power.

2065 Thibodo Rd. is located on 4.1 acres in the North County submarket along the central I-78 Corridor of San Diego. The submarket is one of the most attractive for R&D and life sciences companies as it enjoys a diverse economy, strong talent pool, high quality of life and convenient access to the rest of San Diego County.

San Diego is home to over 1,300 life science companies employing nearly 64,000 people. San Diego has one fourth of California’s research institutes, captures over 60% of National Institute of Health (NIH) awarded projects and receives approximately 60% of NIH funding. Life science employers are attracted to the market due to several reasons, including the highly educated population, the #3 life sciences market in the U.S., a built-out eco-system of world-class companies and the highest concentration of defense personnel in the nation.

The JLL Capital Markets team representing the borrower was led by Senior Managing Directors Aldon Cole and Jordan Angel, Associate Daniel Pinkus and Analyst Auden Menke. Managing Director Joe Anderson arranged the sale from the previous owner and currently represents the borrower in their efforts to lease the building.

“This three-way partnership highlights continued momentum in San Diego’s life sciences market,” said Cole. “High quality and well-located opportunities in the life sciences sector continue to garner strong demand in the capital markets.”

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 sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

For more news, videos and research resources on JLL, please visit our newsroom.

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 $19.4 billion, operations in over 80 countries and a global workforce of more than 100,000 as of March 31, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit

About Lincoln Property Company

Lincoln Property Company was founded in 1965 as a developer and manager of high-quality residential communities. Over the next few years, they expanded their line of products and services to include commercial real estate. their international reputation for successful management of their own properties quickly attracted a large client base of owners and investors who recognized the value that they could provide in development, property management, brokerage, investing, advisory, construction management, engineering and all real estate consulting services.

Today, Lincoln Property Company is one of the most respected and diversified service firms in the United States, employing thousands of experienced, dedicated people who serve a growing client base that reaches coast-to-coast, as well as into Mexico and Europe.

About Angelo Gordon

Angelo Gordon has been matching money with opportunity since 1988. They are a leading, privately held alternative investment firm, managing approximately $51 billion across a broad range of credit and real estate strategies. For over 30 years, they have been investing on behalf of pension funds, corporations, endowments, foundations, sovereign wealth funds and individuals. Over their entire history, Angelo Gordon’s investment approach has consistently relied on disciplined portfolio construction backed by rigorous research and a strong focus on capital preservation.

They are entrepreneurial and opportunistic. They have grown by pursuing strategies that complement and build on their core capabilities. They now have over 600 employees in offices across the U.S., Europe and Asia. Combining deep industry sector and market expertise with a collaborative, knowledge-sharing culture, they creatively seek out investment opportunities that allow them to exploit inefficiencies in global credit and real estate markets.