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California  + San Diego  + Industrial  | 
Luminous acquires Priestly Dr R&D Carlsbad

Luminous Acquires Second Carlsbad R&D Property for Life Sciences Conversion

Luminous Capital Management has partnered with Virtus Real Estate Capital, purchasing a 53,000-square-foot R&D building in Carlsbad, CA for $14 million. The property, located at 5931 Priestly Dr. was acquired from locally-based Greene Properties. 

Although the property is fully-leased, the tenancy will expire next year, and the 2 firms plan to then renovate the building for bioscience R&D and manufacturing. Earlier this year, the Luminous-Virtus venture acquired another Carlsbad complex, also with a life sciences conversion plan, and purchased a third R&D building last year for a life sciences conversion in San Diego. 

Luminous’ Matt Stephenson said in a news release, “We have witnessed significant North County life sciences demand, including many tenants seeking bioscience manufacturing space. Our new acquisition is well positioned for those users seeking a mix of R&D and cGMP.” 

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Luminous Capital ManagementMatt Stephenson

About Mark Nieto

Mark comes to ConnectCRE with an extensive background as a business and news reporter in San Francisco radio, as well as 35 years as a traffic reporter on several stations including KGO, KNBR, KCBS and KFRC. As a business reporter, Mark covered the tech world in Silicon Valley where he became familiar with real estate transactions in the hot Bay Area marketplace. He attended San Jose State University with a BA in Radio and TV Broadcasting and currently resides in the Lake Tahoe area where he gets to frequently enjoy all of his favorite activities: Golfing, Fishing, Hiking and Skiing.

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