JLL Capital Markets arranges $202 million financing for the redevelopment of Bioterra into a premier lab / biotech facility in San Diego, CA

Bioterra, a to-be-built, 316,000-square-foot lab / biotech facility in the heart of San Diego’s life sciences cluster

 

 SAN DIEGO, CA –– JLL Capital Markets  has arranged $202 million in financing for the redevelopment of Bioterra, a to-be-built, 316,000-square-foot lab / biotech facility in the heart of San Diego’s life sciences cluster.

Mariah Feghali

JLL worked on behalf of the borrower, Longfellow Real Estate Partners, to secure the three-year loan through Square Mile Capital Management, LLC and Bank OZK.

Aldon Cole

The JLL Capital Markets team representing the borrower was led by Senior Managing Director Aldon Cole, Managing Director Patrick Burger, Associate Daniel Pinkus and Analyst Mariah Feghali. 

 

The 4.14-acre site originally contained three vacant buildings that have now been demolished for the development of a premier life sciences research and development asset.

 

Designed by HOK architects, Bioterra will be built to Class A lab standards and can accommodate either a single-tenant or multiple users.

Patrick Burger

Upon completion in 2024, the project will be programmed with Longfellow’s signature Elevate tenant experience platform and will offer on-site amenities, including a coffee bar, conference facilities, full-service fitness center with space for outdoor classes, full-service restaurant and café with outdoor seating.

 

The five-story building will also offer three levels of subterranean parking.

 

Located at 5889, 5893 and 5897 Oberlin Dr., Bioterra is positioned in the Sorrento Mesa submarket of San Diego, one of San Diego’s fastest growing life sciences clusters.

Daniel Pinkus

The property is just west of the 805 and 5 Freeways, which provide convenient access throughout San Diego and the greater Southern California area.

 

In addition, the immediate area surrounding the property is highly amenitized with a variety of restaurants, retail shops, entertainment offerings and hotels.

 

According to JLL’s 2022 Life Sciences Lab Real Estate Outlook, San Diego ranks as the third largest life sciences market in the U.S. Continued accelerated demand for lab space in the city has resulted in an immense supply-demand imbalance and has pushed occupiers out to submarkets like Sorrento Mesa that are in close proximity to the talent and funding that fuels the sector.

 

Nick Frasco

“Bioterra is an exciting step forward in Longfellow’s commitment to support the rapidly growing San Diego life science market,” said Nick Frasco, Longfellow Real Estate Partners Chief Investment Officer West & Managing Director.

 

“The campus will be a major addition to our San Diego portfolio, set to offer unparalleled amenities, state-of-the-art lab space and an unmatched level of care for our tenants.” 

 

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers.

 

Sorrento Mesa submarket of San Diego, CA

The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales advisory, debt placement, equity placement or a recapitalization.

 

 The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

 

For more news, videos and research resources on JLL, please visit our newsroom.

 

Jones Lang LaSalle Americas, Inc. ("JLL") is a real estate broker licensed with the California Department of Real Estate, license #01223413. 

 

 

CONTACT

Kristen Murphy

Director, Public Relations, Americas

JLL

One Post Office Square, Suite 3500

Boston, MA 02109

T +1 617 848 1572

M +1 617 543 4873

Kristen.Murphy@am.jll.com

 

JLL Capital Markets arranges sale and acquisition financing for a cold storage warehouse at 2292 West Sand Lake Road in Orlando, FL

 

Melissa Rose

MIAMI, FL – JLL Capital Markets has closed the sale of and arranged financing for 2292 W Sand Lake Road, an approximately 150,000-square-foot cold storage warehouse in Orlando, Florida.

 

 Financial details of the deal were not disclosed.

Nicole Barba

JLL represented the seller, Quirch Foods, in the sale to a joint venture between Banner Property Group and an institutional investor.

Jason Eisenberg 

Quirch Foods has executed a short-term lease-back while it vacates the premises. Additionally, working on behalf of the new owner, JLL arranged the floating-rate acquisition loan with a bank.

 

“We are pleased to have closed this transaction working closely with Quirch Foods and the JLL team,” said Jason Eisenberg of Banner Property Group.

 

“With 2292 Sand Lake Road, we are well positioned to deliver high-quality freezer-cooler space in a prime Orlando location for both local and regional distribution.

Luis Castillo

"This acquisition is highly consistent with Banner’s investment strategy focused on infill properties in Florida and continues to grow our portfolio within the cold storage sector.”

 

Situated on 8.9 acres in the heart of Orlando’s industrial market, 2292 W Sand Lake Road offers immediate access to the Florida Turnpike, Interstate 4, US-441 and State Road 528 and is also served by CSX railroad.

 

 In addition, the facility is less than ten miles from both the Orlando International Airport and downtown Orlando.

Max La Cava 

The property immediately serves a dense local population of over 1.6 million residents within a 30-minute drive as well as 75 million annual visitors. The property can accommodate a single tenant or multiple users.

 

The JLL Capital Markets Investment Sales and Advisory team that represented the seller was led by Managing Director Luis Castillo, Directors Max La Cava and Cody Brais and Analyst Taylor Osborne.

Cody Brais

“We remain extremely bullish about the fundamentals in both the cold storage space and the Orlando industrial market,” said Castillo.

 

 “Investor appetite for cold storage combined with the property’s infill location in the heart of Orlando drew amazing interest from investors seeking value-add opportunities.”

 

The JLL Capital Markets Debt Advisory team that represented the new owner was led by Managing Director Melissa Rose, Director Michael DiCosimo, Vice President Christopher Gathman and Analyst Nicole Barba.

 

“Cold storage has evolved from a niche sector difficult to finance to a high-demand asset class attracting multiple capital sources,” said Rose. “Lenders recognize that freezer cooler space is less susceptible to market volatility, with users most often related to the food industry.”

Taylor Osborne

JLL Capital Markets 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.

Michael DiCosimo

 

The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

 

For more news, videos and research resources on JLL, please visit our newsroom.

 

 

About Quirch Foods^®

 

Quirch Foods is a food distribution company servicing ethnic and national grocers as well as foodservice distribution customers across the United States, the Caribbean, and Central and South America.

Christopher Gathman 

Quirch operates approximately 500 refrigerated trucks and over 2.3 million square feet of combined distribution space through 23 facilities in Florida, Georgia, North Carolina, Tennessee, Alabama, Louisiana, Illinois, Texas, Washington, Oregon and Puerto Rico.

 

Quirch is the exclusive distributor of High River Angus®, McKinneys Beef®, Panamei Seafood®, Diamond Reef® Seafood, Kikiriquirch® poultry, Jackson Farms™, Mambo Foods® and is a licensed distributor of Certified Angus Beef® and Chiquita® Brands frozen Tropicals and Fruits.

 

 

CONTACT:
 

Cierra Lacasse

PR, Hotels & Hospitality, Capital Markets

JLL

T +1 602 648 8701

M +1 408 318 8021

JLL.com

 

 

To learn more about Quirch Foods and its brands,  follow Quirch at (Facebook, Twitter, Instagram, LinkedIn), or call (800) 458-5252

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www.bannerpg.com.