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| Chris Duncan |
San Diego,
CA – While COVID-19 has definitely created a
wave of impacts and uncertainty throughout the commercial real estate industry,
one commercial brokerage firm continues to get deals done in the current
environment.
Chris Duncan Vice President of Voit Real Estate Services San
Diego office has successfully directed four transactions in San Diego,
California for a combined total of $17 million. The properties are all located
in the thriving life science submarket of Sorrento Mesa and all closed within a
three-week period.
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5820 Oberlin Drive unit 104 and 5820 Oberlin Drive
unit 106-108, submarket of
Sorrento Mesa, San Diego, CA
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“There continues to be strong demand for quality assets in quality locations,
especially in the life science sector,” explains Duncan. “San Diego, and in
particular Sorrento Mesa, is the third largest life science hub in the country,
behind San Francisco and Boston.
"Bio tech and life science companies continue
to relocate to the region, tapping into San Diego’s top talent pool.”
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| 10179 Huennekens Street , San Diego, CA |
According to Duncan, Voit’s long history and track record in the San Diego
market was a key factor in driving these deals home in the current environment.
Duncan has more than 13 years of commercial real estate experience with a
focus on industrial/flex and biotech properties in the Central County San Diego
market.
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| 6405 Mira Mesa Boulevard, San Diego, CA |
“We have a strong pulse on the local market and understand the value in having
the right team in place to navigate in these uncertain times,” explains Duncan.
“Because of this, we are able to adjust and adapt quickly to meet our clients’
needs, ultimately finding unique solutions that get deals done. These four
recent deals are a prime example of this.”
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| Todd Holley |
The four recent transactions include:
Sale of Two
Office/Flex Properties in Sorrento Mesa
Duncan directed the sale of two
office/flex properties including four units totaling 12,569 square-feet in
Sorrento Mesa, California for $3.55 million. Duncan represented the seller Eton
Bioscience, a biotech company, in the sale.
“Eton Bioscience was looking to sell their current lab/office
space and expand into a new location that would better fit the growing
company’s needs,” explains Duncan.
“Because of the high-quality location in San
Diego’s life science epicenter, we were able to garner interest from several
buyers.”
According to Duncan, demand for quality lab space in Sorrento Mesa
is a growing commodity.
“The demand for lab space in Sorrento Mesa continues to outpace
supply, which allowed us to obtain a premium for our client,” says Duncan. “In
fact, many biotech and life science companies are continuing to purchase office
and other asset classes and converting them to lab space due to a lack of
available industrial/R&D space.”
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| Brant Aberg |
The disposition included the sale of Unit 104 to AxisPharm, a
biotech company and the sale of Unit 106-108 to American Testing Labs, a life
science company.
“Our team knows the San Diego market like the back of our hands,
especially in terms of what biotech and life science companies are looking for
in their properties,” says Duncan who specializes in representing both
Landlords and Tenants in leasing and sales with an emphasis on owner/user
sales.
“As a result, we were able to quickly sell unit 104 and sell units
106-108 approximately five days later.”
Located in the heart of Sorrento Mesa with access to the I-5 and
I-805 Freeways, the properties are located at 5820 Oberlin Drive unit 104 and
5820 Oberlin Drive unit 106-108.
The buyers were represented by Voit’s Senior Vice President, Todd
Holley.
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| Ryan Downing |
1031 Exchange
Acquisition of an Office/Flex/R&D Building in Sorrento Mesa
Duncan also directed the purchase of a two-story free-standing
office/flex/R&D building totaling 21,278 square-feet in Sorrento Mesa for a
total of $5.3 million. Duncan represented the buyer, Eton Bioscience, as part
of a 1031 exchange.
“Shortly after facilitating the sale of Eton Biosciences existing lab space, we
were tasked with finding the firm a new space that would accommodate their
needs, as well as execute this as part of a 1031 exchange,” explains Duncan.
“Capitalizing on our deep expertise in the market, we were able to quickly
identify a property that was still in the Sorrento Mesa submarket where they
wanted to remain, but was nearly double the size of their previous space.”
The property is located directly off Mira Mesa Boulevard on a prominent corner
and features a flexible layout.
“The location provided excellent visibility, as well as flexibility to
customize the property to fit Eton Biosciences specific needs,” says Duncan.
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| Matt Pourcho |
“The building features multiple private offices and an open area conducive to a
functional lab floorplan, one grade level loading door, and ample parking,
among other features.
"It is also located in close proximity to UCSD and other
top San Diego universities, which will allow them to continue to attract top
level talent.”
Duncan adds, “Our ability to identify the property quickly, work
within the time constraints of the 1031 exchange and structure a deal that fit
our client’s needs, all within the current environment speaks to our strength
as one of the most active brokerage firms in San Diego.”
The property is located at 10179 Huennekens Street in San Diego, California.
Brant Aberg and Ryan Downing at Cushman & Wakefield represented the seller
Pangea Properties, LLC.
Acquisition of a
37,991 square-foot office building in Sorrento Mesa
Duncan also facilitated the acquisition of a 37,991 square-foot
office building for $8.5 million, on behalf of the buyer, BPS Bioscience, a national
bioscience company.
“Our client had been leasing a facility and was looking to expand and purchase
a space in the Sorrento Mesa submarket,” says Duncan. “As a top bioscience
firm, they wanted to be located within this life science hub and cluster of
other top bioscience and bio tech companies.
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| Scott Kincaid |
"Because of our deep knowledge of
the San Diego market, they knew we were the right partner to find them a space
that would fit their needs.”
The property is a very prominent and recognizable building on the corner of
Mira Mesa Boulevard, Sorrento Mesa’s most active thoroughfare connecting San
Diego’s two largest freeways the I-805 and I-15. A MTS bus station is also
located in front of the building with quick access to the Sorrento Valley
Coaster Station.
“This is an ideal location that provides quick and easy access to San Diego’s
north, south, east and central submarkets,” explains Duncan. “The property’s
flexible layout also provides the opportunity for multiple uses, which was also
very attractive to our client.”
BPS Bioscience plans to convert the two-story multi-tenant office space into a
lab space, according to Duncan.
“The Sorrento Mesa submarket is extremely supply constrained as demand for lab
space is on the rise,” says Duncan. “We were able to identify a property in the
heart of Sorrento Mesa that fit our client’s location needs and that will
easily be able to be converted into lab space.
"This truly speaks to our local
expertise in the market and our ability to find creative solutions to deliver
on our client’s needs.
The asset is located at 6405 Mira Mesa Blvd. in San Diego, California. Matt
Pourcho and Scott Kincaid at CBRE represented the seller Courtyard II Holdings,
LLC.
Contacts:
Katie Haga/Lexi Astfalk
(949) 438-6262
