GI Partners, a private investment firm, has bought a net leased life sciences portfolio located in San Diego, Calif.
The portfolio consists of a two-building, 84,000-square-foot property as well as the 70% joint venture interest in a four-building, 316,000-square-foot campus, both located in the Sorrento Mesa submarket. The technology and life sciences real estate portfolio managed by the company totals 47 properties comprising 9.8 million square feet in 12 different markets.
“The San Diego properties represent a stabilized, modern, and highly functional lab portfolio situated in the country’s third largest life sciences market,” comments Patrick Lawler, principal of GI Partners. “The credit tenancy combined with the in-place yield provide downside protection while the below-market leases offer long-term value creation opportunities.”