Healthpeak Properties, Inc. has recently announced a new strategic joint venture with Breakthrough Properties for the sale of a 65% stake in its fully leased Callan Ridge lab campus in San Diego’s Torrey Pines submarket. This transaction values Callan Ridge at $236 million and marks an important step for both companies.
According to Healthpeak President and CEO Scott Brinker, this partnership presents a unique opportunity to capitalize on significant development value while also reinvesting capital back into their business. The strong pricing reflects the high demand for lab assets and allows Healthpeak to recoup their initial investment while retaining a 35% ownership interest in the prestigious campus.
Construction on the 185,000 square foot Callan Ridge began earlier this year and is expected to be completed by April 2035. The two-building campus is fully occupied by Turning Point Therapeutics, Inc., a subsidiary of Bristol-Myers Squibb Company.
This latest joint venture between Healthpeak and Breakthrough Properties represents an exciting development within San Diego’s real estate market as these two industry leaders come together to create value through collaboration rather than competition.
