Luminous Capital Management Acquires Second Carlsbad, CA R&D Building for $14 Million

 

5931 Priestly Drive, Carlsbad, CA

 SAN DIEGO, CA – Luminous Capital Management, in partnership with Austin-based Virtus Real Estate Capital, has acquired 5931 Priestly Drive, a 52,800-square foot industrial/R&D building in Carlsbad, CA. 

  Matt Stephenson

The building, which is located in the prestigious Carlsbad Research Center, was fully-leased by two tenants under short-term leases at the time of sale. 

 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

 Earlier this year, the Luminous-Virtus venture acquired 2290 Cosmos Court in Carlsbad for a purchase price of $9.6 million ($255 per sq. ft.), also with a life sciences conversion plan.

Matt Stephenson, a founding principal of Luminous, commented, “We have witnessed significant North County life sciences demand, including many tenants seeking bioscience manufacturing space. 

"Our new acquisition at Priestly Drive is well positioned for those users seeking a mix of R&D and cGMP space.”

Chris Baumgart 

Virtus provided joint venture equity for the renovation and repositioning with the investment representing the third acquisition of the partnership in greater San Diego. 

 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
 

 Greene Properties was represented in the sale of the building by Michael Nucci of RW Commercial, while the buyer was represented by Chris Baumgart of JLL who will handle leasing of the property. 

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. 

“The North San Diego County commercial real estate market continues to thrive as companies see new and growing economies equivalent to major West Coast regions like Los Angeles, San Francisco Bay Area and Seattle, said Chris Baumgart, JLL Senior Vice President.

John Marshall 

  “With this growth, sophisticated companies like Luminous Capital Management and Virtus Real Estate Capital continue to think of creative ways to satisfy this growth through real estate conversions, zoning changes and other strategies.”

 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)

david@ebelingcomm.com

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.”

www.virtusre.com