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Healthpeak Enters JV with Breakthrough Properties on Torrey Pines Campus
Healthpeak Properties, Inc. has formed a new strategic joint venture with Breakthrough Properties through a sale of a 65% interest in Healthpeak’s fully leased Callan Ridge lab campus in the Torrey Pines submarket of San Diego. The formation of the 65% Breakthrough / 35% Healthpeak JV values Callan Ridge at $236 million.
“This strategic recapitalization was a unique opportunity to partner with Breakthrough, crystallize significant development value creation, and accretively recycle capital back into our business,” said Scott Brinker, president and CEO of Healthpeak. “The strong pricing highlights the underlying demand for our lab assets and allows us to recapture our initial invested capital, while still retaining a 35% interest in the trophy campus.”
Healthpeak began construction on the 185,000 square foot Callan Ridge campus in 2021. The two-building campus is fully leased to Turning Point Therapeutics, Inc., a subsidiary of Bristol-Myers Squibb Company, through April 2035.
- ◦Sale/Acquisition
