October 13, 2016
Chicago-based Walton Street Capital and Foster City, CA-based SteelWave sold Torrey Ridge Science Center to an affiliate of Pasadena, CA-based Alexandria Real Estate Equities, Inc. for $182.5 million. The three-building, 291,799-square-foot life science campus was 87% leased at the time of sale.
Located in San Diego’s Torrey Pines submarket, Torrey Ridge Science Center is a Class A asset leased to industry leaders such as Regulus Therapeutics, Pacira Pharmaceuticals, Nitto BioPharma, Interpreta and BP Technology Ventures. Many of the property’s existing leases are below market.
Torrey Ridge Science Center was built in 2004, and since 2012, it has underwent $55 million in base building and tenant improvements.
CBRE’s Louay Alsadek and Hunter Rowe served as investment advisors, while Rich Danesi and Ryan Egli were the market experts representing the sellers. The buyer was self-represented.
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