
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.”
- ◦Development