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Manulife Funding Administration has closed on the $145 million disposition of Governor Pointe Enterprise Park, a two-building workplace campus in San Diego, Calif. The property holds life science redevelopment potential, in accordance with Newmark, which brokered the deal on behalf of Manulife.
The workplace park is absolutely leased, totaling greater than 200,000 sq. ft at 6200 and 6220 Greenwich Drive. Located within the College Metropolis submarket, the property additionally includes floor parking, in addition to a five-story parking construction. The 2 buildings final traded in 2015, when Kilroy Realty offered them as a part of a $95 million portfolio transaction that included a number of different workplace property, in accordance with CommercialEdge information.
The bigger construction, located at 6220 Greenwich Drive on a 6.2-acre plot, includes 141,214 sq. ft. Mitchell Worldwide is leasing the whole constructing via October 2025, however lately put the property up for sublease. With 67 p.c of the area presently obtainable, a repositioning, even for all times science use, could be handy, in accordance with the brokerage. The positioning additionally holds the potential for a ground-up life science growth.
The opposite constructing at 6200 Greenwich Drive affords almost 71,000 sq. ft and sits on a separate, 4.4-acre web site. College of California, San Diego is the property’s sole tenant, underneath a lease set to run out in Might 2026.
The Newmark group arranging the deal for the vendor included Co-Head of U.S. Capital Markets Kevin Shannon, together with Govt Managing Administrators Brunson Howard, Paul Jones and Ken White.
San Diego’s life science sector shines
San Diego stays one of the crucial sought-after areas for tech and life science companies on the West coast, Shannon stated in ready remarks. Final yr’s life science enterprise capital funding within the U.S. amounted to $43.3 billion, in accordance with a research carried out by Newmark analysis.
Final month, pharmaceutical big Bristol Myers Squibb signed a long-term full-building prelease in San Diego’s College City Heart submarket. The 427,000-square-foot constructing is a part of Alexandria Level, a greater than 2 million-square-foot lab and workplace growth by Alexandria Actual Property Equities Inc.
Breakthrough Properties is presently establishing a life science campus within the metropolis. Dubbed Torrey View, the property will complete roughly 500,000 sq. ft throughout three buildings. The developer landed its fist tenant in November 2021.
The put up Manulife Sells $145M San Diego Workplace Park appeared first on Industrial Property Govt.
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