DivcoWest, a DivCore Capital company, recently expanded its San Diego and life science portfolio with the acquisition of 11119 N. Torrey Pines Rd., a fully leased 72,506-rentable-square-foot Class A life science building in the Torrey Pines research cluster. The property traded for $86 million from an affiliate of Alexandria Real Estate Equities.
This marks the first private real estate investor acquisition in Torrey Pines since 2000 and is one of only three research properties not owned by a public REIT, nonprofit or owner/user. Gregg Walker, President of DivcoWest Real Estate Asset Management commented on this rare opportunity to acquire purpose-built lab space below replacement costs secured by credit tenancy: “We view this as an exciting moment for our portfolio.” Eastdil Secured marketed the property which has been occupied solely by California Institute of Biomedical Research (a division Scripps Research) since 2012.
