GI Partners, a leading private investment firm, continues its strategy of acquiring and managing technology and science real estate by announcing the acquisition of a core, 100% net leased life sciences portfolio in San Diego, CA.
The portfolio consists of the fee simple interest in a two-building, 84,000 SF property as well as the 70% joint venture interest in a four building, 316,000 SF campus, both located in the highly sought-after Sorrento Mesa submarket. All the properties are fully occupied by credit tenants with a weighted average lease term of approximately 10 years.
John Sheputis, Managing Director at GI Partners and Head of Acquisitions for GI Partners Real Estate, said, "We are proud to expand our life sciences platform in San Diego. Market fundamentals in the Sorrento Mesa submarket remain robust, with steady demand and tightening supply as tenants seek access to the highly skilled San Diego workforce and its concentration of intellectual capital."
Patrick Lawler, Principal of GI Partners, said "The San Diego properties represent a stabilized, modern, and highly functional lab portfolio situated in the country's third largest life sciences market. The credit tenancy combined with the in-place yield provide downside protection while the below-market leases offer long-term value creation opportunities."
The technology and life sciences real estate portfolio managed by GI Partners Real Estate totals 47 properties comprising 9.8 million square feet across 12 different leading markets.