News release

JV equity partnership arranged for industrial to life sciences conversion

JLL Capital Markets arranged the $33M partnership for the property acquisition and conversion to a state-of-the-art life sciences facility

October 26, 2021

Kimberly Steele

Occupier PR
+1 713 852 3420

SAN DIEGO, Oct. 26, 2021 – JLL Capital Markets announced today that it has arranged a $33 million joint venture equity partnership for the acquisition of a 71,168-square-foot vacant industrial warehouse at 10225 Willow Creek Rd. in the Scripps Ranch area of San Diego, California.

JLL worked on behalf of the Luminous Capital Management (LCM) to arrange the partnership with Austin-based Virtus Real Estate Capital. Additionally, the new ownership engaged JLL to lease the project.

Completed in 1979, the two-story industrial building features clear heights ranging from 14 to 16 feet, three roll-up doors, six platform docks, heavy power capabilities and ample parking. LCM plans to reposition the value-add property into a functional, high-image industrial asset for life sciences manufacturing uses. Renovations include creating 28-foot clear heights, which will better facilitate the production of pharmaceuticals and other therapeutics.

10225 Willow Creek Rd. is within the Interstate 15 Corridor, which is highly sought-after due to its proximity to the established life sciences clusters. The location also has easy access to Interstate 15 and nearby infrastructure needed for a successful biosciences project.

According to JLL Research’s recent 2021 Life Sciences Lab Real Estate Outlook, the San Diego stands tall as the No. 3 life sciences cluster in the U.S. San Diego’s supply of lab real estate dynamics, access to an educated talent pool, innovation and industry depth all contributed to its high ranking. Demand for lab space is anticipated to grow, as funding flows, talent and lab space supply grows, and the San Diego area stands to benefit from this influx.

The JLL Capital Markets debt team that represented LCM includes Managing Director John Chun and Senior Director John Marshall.

“Luminous’ principals have both the track record and relationships to execute opportunistic business plans in a niche space that has been dominated by large institutions,” Chun said. “JLL looks forward to helping Luminous scale their platform and capabilities.”

JLL’s Senior Managing Director Tim Olson, Market Lead, San Diego, and Managing Director Tony Russell are leading leasing efforts.

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 $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

About Luminous Capital Management 

Luminous Capital Management, based in Irvine, California, is a real estate investment manager which seeks to operate on the frontier of value creation, identifying macro-trends that complement active implementation of business plans. Current areas of focus for investment in the Western U.S. include properties driven by life science discoveries, changing demographics, and growth in the digital economy.  Luminous was founded in 2021 by industry veterans Bob Dougherty, Matt Stephenson and Tom Lam, with an association that began over 25 years ago.

About Virtus Real Estate Capital

Virtus Real Estate Capital, founded in 2003, is a hands-on, data-driven, curious investor that delivers compelling outcomes from cycle-resilient investments for all stakeholders. Through thoughtful evolution and resilience in challenging times, Virtus has purposefully worked to foster thriving communities that empower people to live better lives. Over the last 18 years, it has acquired 255 properties for a combined acquisition value of over $4.7 billion and has fully realized 181 property investments. With a strong and established track record, Virtus has proven to be successful in all phases of the market cycle. For more information, please visit