5931 Priestly Drive, Carlsbad, CA |
Matt Stephenson |
The property was acquired from locally-based Greene Properties for
a purchase price of $14.0 million ($265 per sq. ft.).
With existing tenancy at 5931
Priestly Drive expiring in 2023, Luminous and Virtus plan to conduct
significant renovations to position the property for bioscience R&D and
manufacturing.
The partial two-story building features
approximately 16,000 square feet of 24-foot clear height space along with heavy
power, abundant parking, and grade-level loading.
Matt Withey |
"Our new acquisition at Priestly
Drive is well positioned for those users seeking a mix of R&D and cGMP
space.”
Chris Baumgart |
Last September, Luminous and Virtus acquired 10225 Willow Creek Road, a 75,000-square foot R&D building which is also undergoing a conversion to life science use.
Matt Withey, Managing Director of Virtus, added “Carlsbad Research Center is the premier business park in North County, so we are pleased to have acquired a high-quality property in a submarket that is already validated by several preeminent life science companies.”John Chun |
John Chun and John Marshall of JLL
arranged the equity joint venture between Luminous and Virtus. California
Bank & Trust provided financing for the acquisition and conversion.
John Marshall |
About Luminous Capital Management
Luminous Capital Management, based in Irvine, CA, is a real estate investment manager which seeks to operate on the frontier of value creation, identifying macro-trends that complement active implementation of business plans.
Current areas of focus for investment in the Western U.S. include properties driven by life science discoveries, changing demographics, and growth in the digital economy.
Luminous was founded in 2021 by industry veterans Bob Dougherty, Matt Stephenson, and Tom Lam, with an association that began over 25 years ago.
CONTACT:
David
Ebeling
Ebeling
Communications
949.861.8351
949.278.7851
(Cell)
Member
of the National Association of Real Estate Editors (NAREE)
“PR
Strategist for the Commercial Real Estate Industry: I do what I love and
love what I do.”
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