{"id":1004287676,"date":"2018-12-20T01:02:15","date_gmt":"2018-12-20T09:02:15","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004287676"},"modified":"2020-04-06T11:22:18","modified_gmt":"2020-04-06T19:22:18","slug":"san-diego-life-sciences-portfolio-lands-71m-loan","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/san-diego-life-sciences-portfolio-lands-71m-loan\/","title":{"rendered":"San Diego Life Sciences Portfolio Lands $71M Loan"},"content":{"rendered":"
\"\"<\/a>

Sorrento Mesa life sciences portfolio<\/p><\/div>\n

Bioscience Properties Inc. and Singerman Real Estate LLC have received $70.5 million in financing to convert two buildings into a 230,000-square-foot life sciences portfolio in Sorrento Mesa, Calif. HFF facilitated the five-year, floating-rate bank loan for the property, which will be converted into Class A laboratories. The property is currently 65 percent leased to two tenants\u2014Abzena PLC and TriLink Biotechnologies. <\/p>\n

Located in the San Diego area, the portfolio includes 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 sciences building. <\/p>\n

\u201cSan Diego remains one of the top life science markets in the country,\u201d <\/em>Zack Holderman, HFF senior director, told Commercial Property Executive. \u201cThe ability of the sponsor to identify buildings with the appropriate characteristics to successfully convert the asset into a formalized lab use enabled us to successfully market the bridge loan to fully capitalize the reposition.\u201d<\/em><\/p>\n

\"\"<\/a>

Sorrento Mesa life sciences portfolio<\/p><\/div>\n

Furthermore, Holderman noted the sponsor is recognized as a leader in San Diego for this type of business plan and has the expertise to execute this complex opportunity.<\/p>\n

\u201cHaving such a qualified sponsor and sound market fundamentals enabled us to successfully market the facility to a broad range of lending sources,\u201d <\/em>he said. \u201cThrough a very competitive process, we ultimately selected a lender who had the knowledge and comfort level with the business plan to provide a strong loan.\u201d<\/em><\/p>\n

Top life sciences market<\/h2>\n

The Peak at Wateridge is located at 10770 Wateridge Drive on roughly 11.1 acres, while 6325 Lusk is situated on a 5.5 acre-site. Both offer convenient access to major freeways, including interstates 5, 8, 15 and 805.<\/p>\n

San Diego is one of the top three life sciences markets in the U.S. Sorrento Mesa is one of the metro’s primary submarkets, as the \u201ccluster\u201d effect of life sciences tenancy makes it\u2014<\/em>and the larger region\u2014<\/em>a target for companies in the industry.<\/p>\n

\u201cDemand for space, particularly state-of-the-art design and functionality, is critical for tenants seeking to expand or relocate to San Diego,\u201d <\/em>Holderman said. \u201cThe four primary submarkets in San Diego for life science have each experienced compression in vacancy and demonstrable growth in base rental rate over the past several years. HFF is consistently educating new capital sources, seeking to provide debt or equity, for developers and owners interested in the life science sector.\u201d<\/em><\/p>\n

Heavy interest from lenders<\/h2>\n

Interest from the lending community was described as \u201cvery strong,\u201d with several qualified lenders providing multiple options. HFF credits that to the health of the bridge market, which is as strong as it has been over the past several months.<\/p>\n

\u201cWe identified multiple groups interested in the lab space that had not previously participated in the space,\u201d<\/em> Holderman said.<\/p>\n

In addition to Holderman, the HFF debt placement team also included Senior Managing Director Tim Wright, Senior Associate Olga Walsh and real estate analyst Daniel Pinkus.<\/p>\n

In November, a joint venture between Singerman Real Estate and Ocean West Capital Partners sold The Hubb<\/a>, a 210,428-square-foot premier creative office property in Long Beach, Calif., for $60.5 million to Redwood Partners.<\/p>\n

Images courtesy of HFF<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

HFF facilitated the five-year floating-rate financing, which will be used to transform two Sorrento Mesa buildings into Class A lab space.<\/p>\n","protected":false},"author":451,"featured_media":1004287682,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21825,21742,21747,1608,15],"tags":[49105,32792,43481,39618],"class_list":["post-1004287676","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","category-latest","category-office","category-san-diego","category-west","tag-bioscience-properties","tag-hff","tag-singerman-real-estate","tag-zack-holderman"],"acf":[],"yoast_head":"\nSan Diego Life Sciences Portfolio Lands $71M Loan - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/san-diego-life-sciences-portfolio-lands-71m-loan\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"San Diego Life Sciences Portfolio Lands $71M Loan\" \/>\n<meta property=\"og:description\" content=\"HFF facilitated the five-year floating-rate financing, which will be used to transform two Sorrento Mesa buildings into Class A lab space.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/san-diego-life-sciences-portfolio-lands-71m-loan\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2018-12-20T09:02:15+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-04-06T19:22:18+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/12\/Sorrento-Mesa-e1545296075264.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"750\" \/>\n\t<meta property=\"og:image:height\" content=\"562\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Keith Loria\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/san-diego-life-sciences-portfolio-lands-71m-loan\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/san-diego-life-sciences-portfolio-lands-71m-loan\/\",\"name\":\"San Diego Life Sciences Portfolio Lands $71M Loan - 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