{"id":1004635560,"date":"2022-12-15T04:16:27","date_gmt":"2022-12-15T12:16:27","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004635560"},"modified":"2022-12-15T06:12:29","modified_gmt":"2022-12-15T14:12:29","slug":"san-diego-life-science-project-lands-203m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/san-diego-life-science-project-lands-203m\/","title":{"rendered":"San Diego Life Science Project Lands $203M"},"content":{"rendered":"
\"\"<\/a>

Image by Michal Jarmoluk, courtesy of Pixabay.com<\/p><\/div>\n

Square Mile Capital Management <\/strong>and Bank OZK<\/strong> <\/strong>have provided $202.6 million in construction financing for Bioterra, a 316,000-square-foot life science project in San Diego. Longfellow Real Estate Partners <\/strong>is the developer and the project is slated for completion in the third quarter of 2024.<\/p>\n

Senior Managing Director Aldon Cole and Managing Director Patrick Burger of JLL Capital Markets<\/strong> arranged the financing.<\/p>\n

Square Mile Capital Management Director Tom Burns underlined, in prepared remarks, the need for purpose-built lab facilities in life science markets, with Bioterra fitting that goal.<\/p>\n

In a recent interview for Commercial Property Executive<\/em>, Managing Director Michael Lavipour with Square Mile mentioned that, apart from new developments, there\u2019s also a focus on converting office to life science lab space<\/a>, which is a faster method than ground-up building.<\/p>\n

\n

READ ALSO:<\/strong> Life Science Assets Maintain Lasting Appeal<\/a><\/p>\n

\n

Square Mile is also active across other large life science markets in the U.S. In July, an affiliate provided a $192.5 million loan for the development of 100 Chestnut<\/a>, a 208,616-square-foot project in Somerville, Mass. Square Mile also provided a $155 million loan for the conversion to lab use<\/a> of an office building in the Long Island City neighborhood of Queens, New York City.<\/p>\n

A state-of-the-art life science campus<\/h2>\n

Bioterra broke ground in August this year. The six-story campus will encompass lab and office spaces, as well as a three-story subterranean parking facility. The property, designed to reach LEED Gold certification, is set to be an all-electric HVAC life science building. Amenities will include conference rooms, a fitness center, a coffee bar and a full-service restaurant and caf\u00e9.<\/p>\n

The property will rise at the intersection of Oberlin Drive and Mira Mesa Boulevard, in the Sorrento Mesa submarket, 15 miles from central San Diego, close to interstates 5 and 805. The development site is within walking distance of Mesa Biotech, 4.4 miles from Scripps Memorial Hospital La Jolla and 4 miles from the University of California San Diego.<\/p>\n

A recent Cushman & Wakefield<\/strong> report shows that San Diego remained the second-largest market, after Boston, when it comes to developing life science facilities<\/a>, with a pipeline of 3.7 million square feet.<\/p>\n","protected":false},"excerpt":{"rendered":"

Longfellow Real Estate Partners plans to complete the campus in 2024.<\/p>\n","protected":false},"author":2829,"featured_media":1004635565,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21825,21742,21747,1608,15],"tags":[41597,44006,34162,33318],"class_list":["post-1004635560","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-finance","category-latest","category-office","category-san-diego","category-west","tag-bank-ozk","tag-jll-capital-markets","tag-longfellow-real-estate-partners","tag-square-mile-capital-management"],"acf":[],"yoast_head":"\nSan Diego Life Science Project Lands $203M - CPE<\/title>\n<meta name=\"description\" content=\"Square Mile Capital Management and Bank OZK closed on financing for a life science project in San Diego, developed by Longfellow Real Estate.\" \/>\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-science-project-lands-203m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"San Diego Life Science Project Lands $203M\" \/>\n<meta property=\"og:description\" content=\"Square Mile Capital Management and Bank OZK closed on financing for a life science project in San Diego, developed by Longfellow Real Estate.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/san-diego-life-science-project-lands-203m\/\" \/>\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=\"2022-12-15T12:16:27+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-15T14:12:29+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/12\/laboratory-2815641_1920-e1671103485633.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1068\" \/>\n\t<meta property=\"og:image:height\" content=\"801\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Madalina Pojoga\" \/>\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-science-project-lands-203m\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/san-diego-life-science-project-lands-203m\/\",\"name\":\"San Diego Life Science Project Lands $203M - 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