As SoCal Real Estate reported Wednesday, Longfellow Real Estate Partners purchased the Inspire campus in the Sorrento Valley submarket of San Diego from Parallel Capital Partners for $112 million. The buyer has released a statement through a representative, detailing its strategy for the purchase and its plans for the campus.
The statement says Inspire is made up of 12 assets totaling 318,969 square feet and is a “key part of the tech and life-science cluster thriving in and around the Sorrento Valley.” It also says the acquisition increases Longfellow’s portfolio of owned and under-management tech and life-sciences space to more than 3 million square feet in markets including San Diego, Greater Boston, Philadelphia, and North Carolina’s Research Triangle region.
Jessica Brock, a partner with Longfellow, is quoted in the release as saying, “We at Longfellow are thrilled to bring our expertise, creativity and collaborative approach to San Diego. Our entrance here was the strategic next step in our growth as a leading life sciences developer. We deliberately set our sights on San Diego for its prestigious reputation as a life-sciences cluster, and we look forward to future growth on the West Coast.”
The statement says approximately 32,000 square feet is immediately available to tenants at Inspire and that the space features such common amenities as Global Coffee Trading and New English Brewing Company. The company is close to the Coaster commuter rail as well as eateries and gyms.
According to the release, the campus includes 107,000 square feet of lab space, and Longfellow plans to convert a significant portion of the remaining space to labs as well. The company will also implement its proprietary services and amenities package, Elevate, which offers “lifestyle perks” to tenants.
The statement also says global real estate investment manager Invesco Real Estate originated a senior loan facility to Longfellow for the acquisition. Charlie Rose, senior director of structured ivestments at Invesco, is quoted in the release as saying, “The Inspire portfolio fits our program’s mandate to invest in differentiated real estate in dynamic markets with strong fundamental supply-and-demand dynamics and a superior liquidity profile. Our strategic initiative to expand our exposure to the growing life-science and healthcare real estate sectors includes our lending platform, which invests across a variety of property types.”
See below for a slideshow of properties in the Inspire portfolio.