JLL arranges $315.4M sale for San Diego life sciences conversion
Continuing life sciences demand fuels sale of 9-property office portfolio in the heart of the Sorrento Mesa submarket
SAN DIEGO, Oct. 27, 2021 – JLL announced today that its Capital Markets group has completed the $315.4 million sale of a nine-property office portfolio totaling 371,281 square feet in San Diego, California.
JLL represented the seller, PS Business Parks, and procured the buyer, Longfellow Real Estate Partners, LLC. Longfellow intends to redevelop the entire portfolio into a state-of-the-art life sciences campus.
The portfolio comprises properties located at 6150, 6160, 6370, 6440, 6450, 6540, 6640 and 6650 Lusk Blvd. and 10225 Barnes Canyon Rd. in the heart of the Sorrento Mesa submarket. All nine properties are two-story buildings that are zoned for office, light industrial and other commercial uses, including life sciences.
Positioned on a total of 20.56-acres, the properties are surrounded by numerous top life sciences corporate headquarters and emerging technology companies. In addition, the portfolio has convenient access to top San Diego research institutions, including Scripps Research, UC San Diego, the Salk Institute and Sanford Burnham Prebys Medical Discovery Institute.
The JLL Capital Markets team representing the seller was led by Managing Directors Lynn LaChapelle and Bob Prendergast, Senior Director Sach Kirpalani and Senior Managing Director Michael Leggett.
“This was a rare opportunity to acquire a life sciences redevelopment opportunity of scale in one of San Diego’s hottest emerging life sciences and innovation hubs,” LaChapelle said. “We received tremendous investor interest in the offering and are really excited to see Longfellow take ownership and transform the property into a modern life sciences campus.”
JLL’s Capital Markets group 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.
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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 92,000 as of June 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Longfellow Real Estate Partners
Longfellow Real Estate Partners is the largest private life science real estate services firm in the United States. The firm’s portfolio spans more than 14 million square feet of laboratory and technology space, concentrated in the nation’s top markets for bio-innovation on both coasts including San Francisco, San Diego, Raleigh-Durham, New York City and Boston-Cambridge, along with a recent expansion to the United Kingdom. Longfellow acquires and develops facilities in strategic locations and builds long-term relationships with research-centric organizations including life science companies, universities, medical centers and research institutes. The firm’s institutional capabilities and entrepreneurial vision enables Longfellow to deliver high quality laboratories and innovation space while satisfying each customer’s unique requirements. For more information about Longfellow, email info@lfrep.com.