DivcoWest Expands San Diego Life Science Holdings
DivcoWest, a DivCore Capital company, expanded its San Diego and life science portfolio through the acquisition of 11119 N. Torrey Pines Rd. a fully leased 72,506-rentable-square-foot Class A life science building in the Torrey Pines research cluster. The seller was an affiliate of Alexandria Real Estate Equities, which said the property traded for $86 million.
The acquisition represents the first in Torrey Pines by a private real estate investor since 2000 and is one of only three research properties in the market not owned by a public REIT, nonprofit or owner/user. “We view this acquisition as a rare moment in time to acquire purpose-built lab in Torrey Pines below replacement costs and secured by credit tenancy,” said Gregg Walker, president of DivcoWest Real Estate Asset Management.
The sole tenant since 2012 has been the California Institute of Biomedical Research, a division of Scripps Research. Eastdil Secured marketed the property.