TH Realty has purchased 10222 Barnes Canyon, an 81,976-square-foot, two-story, class-A life-sciences building in the Sorrento Mesa submarket of San Diego, from Bollert | LeBeau (B|L) for $43.2 million, according to a release from a representative of JLL. The statements says the property is fully leased to Invivoscribe Technologies and Crinetics Pharmaceuticals.
JLL’s Bob Prendergast, Lynn LaChapelle, Sach Kirpalani, and John Morrison represented the seller, while the buyer represented itself, the release says.
Prendergast is quoted in the statement as saying, “San Diego is one of the leading life-science markets in the nation, ranking third behind Boston and San Francisco. 10222 Barnes Canyon provided the buyer with the opportunity to acquire a recently repositioned, stable asset in a growing submarket with high barriers to entry.”
According to the release, in less than 24 months, B|L acquired the property, completed a $17 million renovation, executed leases for 100 percent of the building, and sold the property. Renovations included a new building façade and window line, upgraded landscape, and removal of all existing interior improvements to construct modern life-science laboratories and office space.
Steve Bollert, president of B|L, says in the statement, “The building potential was apparent; we knew the interior clear heights would make for fantastic open office and lab space and give us the flexibility to respond and appeal to a variety of life-science tenants.”