Oxford Properties Group has acquired Ionis Prescribed drugs’ campus, a three-building, 250,000-square-foot life science and workplace property in Carlsbad, Calif., in a sale-leaseback transaction.
Public information present Oxford paid $258.4 million for the asset, financing the acquisition with a $158 million mortgage from Credit score Agricole. Ionis will proceed to occupy the campus for the following 15 years.
The Ionis campus buy introduced Oxford’s San Diego life science portfolio to 900,000 sq. toes, following a current $464 million acquisition of a 13-building, 650,000-square-foot portfolio within the metro’s Sorrento Mesa and Sorrento Valley. The agency’s native footprint is anticipated to succeed in greater than 1.2 million sq. toes upon the completion of its growth pipeline.
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Because the starting of 2021, Oxford has invested greater than $3 billion in international life science belongings, one of many acquisitions involving a 402,700-square-foot facility within the Bay Space that might be transformed to comprise extra analysis and growth area. The agency additionally shaped a $1.5 billion strategic enterprise with Ensemble/Mosaic this March for the event of a 3 million-square-foot life science campus in Philadelphia.
A North County life science property
Located on 18.4 acres at 2850, 2855 and 2859 Gazelle Court docket, the campus got here on-line between 2011 and 2021, that includes a mixture of chemistry and biology laboratories, R&D assist programs and workplace area. In accordance with CommercialEdge information, Ionis had acquired it in 2017 for $79.4 million from BioMed Realty.
The property is inside San Diego’s North County cluster of life science services, near quite a few different pharmaceutical and biotech firms. Downtown San Diego is a few 36 miles south.
San Diego’s life science success
San Diego stays the highest market within the West and the second largest within the nation for all times science development and funding exercise, on account of its geographic location, in addition to its massive and concentrated variety of analysis universities and hospitals. In accordance with a CommercialEdge report, the metro had 2.9 million sq. toes in its life science pipeline as of August, whereas the common itemizing charge has elevated by 11.8 p.c within the final 12 months.
Talking about the advantages of the acquisition within the context of its particular market, Tycho Suter, vp of investments at Oxford, stated in ready remarks that the agency could be very assured within the San Diego life sciences market, which is supported by its sturdy STEM presence and a highly-skilled labor pressure in addition to world-renowned analysis and educational establishments.
