GI Partners Acquires San Diego Life Sciences Portfolio

Private investment firm GI Partners has purchased a portfolio of several life sciences buildings in the sought-after Sorrento Mesa submarket of San Diego, CA. The portfolio consists of the fee simple interest in a two-building, 84,000-square-foot property and the 70% JV interest in a four-building, 316,000-square-foot campus. The value of the transaction was not disclosed.

The properties are fully occupied by credit tenants with a weighted average lease term of 10 years. “We are proud to expand our life sciences platform in San Diego. Market fundamentals in the Sorrento Mesa submarket remain robust, with steady demand and tightening supply as tenants seek access to the highly-skilled San Diego workforce,” said John Sheputis, Managing Director at GI Partners.

According to Patrick Lawler, Principal of the firm, San Diego is the nation’s #3 life sciences market, and the properties are a stabilized, modern and highly functional lab portfolio.