HFF has secured a $70.5 million loan on behalf of borrower Bioscience Properties Inc. and Singerman Real Estate LLC, for a two-property life-science portfolio totaling 230,005 square feet in the Sorrento Mesa submarket of San Diego, according to a release from a representative of HFF.
The release says the HFF team that included senior managing director Tim Wright, senior director Zack Holderman, senior associate Olga Walsh, and real estate analyst Daniel Pinkus secured a five-year, floating-rate bank loan that is being used to convert the buildings into class-A laboratory assets.
The source reports that 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.
According to the statement, The Peak at Wateridge sits on 11.09 acres at 10770 Wateridge Drive, while 6325 Lusk is positioned on a 5.54 acre-site. Both properties have easy access to major freeways, including the I-5, I-805, I-15, and I-8.
Holderman is quoted in the release as saying, “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.”
HFF reports that 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.