Tuesday, December 18, 2018

HFF announces $70.5 million financing for two-property life science portfolio in San Diego, CA


The Peak at Wateridge, part of the San Diego Life Science Portfolio,Sorrento Mesa, CA
Tim Wright
SAN DIEGO, CA, Dec. 18, 2018  HFF announces $70.5 million in financing for a two-property life science portfolio totaling 230,005 square feet in the San Diego-area community of Sorrento Mesa, California.

The HFF team worked on behalf of the borrower, Bioscience Properties, Inc. and Singerman Real Estate, LLC, to secure the five-year, floating-rate bank loan.  Loan proceeds are being used to convert the buildings into Class A laboratory assets.

The portfolio comprises The Peak at Wateridge, a 180,000-square-foot, two-story office/R&D building and 6325 Lusk, a 50,005-square-foot, single-story life science building. 

Overall, the portfolio is 65 percent leased to two tenants: Abzena PLC and TriLink Biotechnologies.  The Peak at Wateridge sits on 11.09 acres at 10770 Wateridge Drive while 6325 Lusk is positioned on a 5.54 acre-site. 

Zack Holderman
 Both properties have easy access to major freeways, including the I-5, I-805, I-15 and I-8, among others.

 San Diego is considered one of the top three life science markets in the country and the immediate area surrounding the properties is home to numerous life science companies, including Nuvasive, Thermo Fisher, BD & Co and Inovio Pharmaceuticals. 

The HFF debt placement team representing the borrower included senior managing director Tim Wright, senior director Zack Holderman, senior associate Olga Walsh and real estate analyst Daniel Pinkus.

“The successful capitalization of the San Diego Life Science Portfolio is a testament to the expertise and professionalism of Bioscience Properties team,” Holderman added.  “The life science sector in San Diego should continue to grow, with an excellent base of local talent and commitment to research and development within the industry.”

Olga Walsh

Holliday GP Corp. ("HFF") is a real estate broker licensed with the California Department of Real Estate, License Number 01385740.

BioScience Properties, Inc. (BPI) is the life-science division of Bollert Lebeau Commercial Real Estate. The group is run exclusively by Steve Bollert, who brings over 25 years of life-science leasing and development experience to the organization. 

 Established in 1997 and headquartered in San Diego, CA, Bollert Lebeau Commercial Real Estate is a leading full service commercial real estate firm focused on acquiring, financing, developing, leasing, and actively managing office, industrial, and life science properties in the western United States.

Steve Bollert
Singerman Real Estate, LLC (SRE) is an opportunistic real estate investment firm that has deep experience executing complex transactions and unlocking embedded value through the ownership of properties, real estate loans and operating companies. 

 SRE focuses on maximizing risk-adjusted returns through investments in both debt and equity across all major asset classes including office, retail, hotel, industrial, and life science, in addition to secondary real estate asset classes including student housing and senior housing. 

Since 2010, SRE sourced and executed, with partners, over $2 billion of investments across the major property types.


CONTACTS:

TIM WRIGHT
CA Lic. #00947197
HFF Senior Managing Director
(858) 552-7690

ZACK HOLDERMAN
CA Lic. #01434957
HFF Senior Director
(858) 552-7690

KRISTEN MURPHY
HFF Director, Public Relations
(617) 338-0990


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