 |
| Lynn LaChapelle |
SAN DIEGO, Oct. 27, 2021 – JLL announced today that its Capital Markets group has completed the $315.4 million sale of a nine-property office portfolio totaling 371,281 square feet in San Diego, California.
JLL
represented the seller, PS Business Parks, and procured the buyer, Longfellow
Real Estate Partners, LLC. Longfellow intends to redevelop the entire portfolio
into a state-of-the-art life sciences campus.
 |
| Bob Prendergast |
The portfolio comprises properties located at 6150, 6160, 6370, 6440, 6450, 6540, 6640 and 6650 Lusk Blvd. and 10225 Barnes Canyon Rd. in the heart of the Sorrento Mesa submarket.
All
nine properties are two-story buildings that are zoned for office, light
industrial and other commercial uses, including life sciences.
Positioned
on a total of 20.56-acres, the properties are surrounded by numerous top life
sciences corporate headquarters and emerging technology companies.
In
addition, the portfolio has convenient access to top San Diego research
institutions, including Scripps Research, UC San Diego, the Salk Institute and
Sanford Burnham Prebys Medical Discovery Institute.
 |
| Sach Kirpalani |
The JLL Capital Markets team representing the seller was led by Managing Directors Lynn LaChapelle and Bob Prendergast, Senior Director Sach Kirpalani and Senior Managing Director Michael Leggett.
“This
was a rare opportunity to acquire a life sciences redevelopment opportunity of
scale in one of San Diego’s hottest emerging life sciences and innovation
hubs,” LaChapelle said.
“We
received tremendous investor interest in the offering and are really excited to
see Longfellow take ownership and transform the property into a modern life
sciences campus.”
 |
| Michael Leggett |
JLL’s
Capital Markets group is a full-service global provider of capital solutions
for real estate investors and occupiers.
The
firm's in-depth local market and global investor knowledge delivers the
best-in-class solutions for clients — whether investment sales and advisory,
debt advisory, equity advisory or a recapitalization.
The
firm has more than 3,000 Capital Markets specialists worldwide with offices in
nearly 50 countries.
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CONTACT:
Kimberly
Steele
PR, Capital Markets
Agency Leasing and Valuation Advisory
JLL
T
+1 713 852 3420
M
+1 832 244 9994
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