Luminous Capital Identifies Need for State-of-the-Art Lab Space North of San Diego
By Ted Jackson
Having identified a shortage of top quality lab space in the San Diego marketplace, Luminous Capital Management, in partnership with with Austin-based Virtus Real Estate Capital, has acquired shuttered space of global satellite Internet provider ViaSat with plans to implement significant renovations.
Luminous founding principal Tom Lam said, “We identified growing demand for high-quality lab space in Carlsbad driven by the lack of availability in the core Central County submarkets. At the same time, much of the available inventory in North County is controlled by large corporate users or are inferior second- and third-generation space.”
The new property will be branded Cosmos Court, which Lam says presents an outstanding opportunity to construct a modern life science building for growing enterprises. Cosmos Court was sold vacant by a partnership led by Los Angeles-based Excelsior Partners for a purchase price of $9.53 million, or $255 per square foot. John Chun and John Marshall with JLL Capital Markets arranged the equity joint venture between Luminous and Virtus.
The deal is the second in the San Diego marketplace for the Luminous/Virtus partnership. In September, Luminous and Virtus acquired 10225 Willow Creek Rd., a 75,000-square foot R&D building which is also undergoing a conversion to life science use.
Matt Withey, managing director of Virtus, says: “Large biotech companies such as Thermo Fisher, MilliporeSigma, and GenMark have had a presence in Carlsbad for a long time. On a smaller scale, offering high-quality R&D space to emerging companies allows them to tap a deep talent pool which already resides in North County.”