While San Diego continues to take the lead as one of the nation’s top life science markets, the region has seen a significant amount of sales activity during the third quarter of the year. Included in that are several deals involving Alexandria Real Estate Equities. According to a recently released earnings report from the company, Alexandria was involved in the acquisition and disposition of five properties during the third quarter of the year.
In a deal that closed Sept. 29, the life science investment company purchased the Scripps Health Campus, for $106.38 million, or about $470 per square foot. The campus is located across several addresses, which include 10010 and 10140 Campus Point Drive and 4275 Campus Point Court in San Diego’s University Town Center. Currently, totaling 226,144 square foot, the property is primed for future development of approximately 750,000 square feet, the report shows.
In September, the company also disposed of an 84,442 square foot life science property at 330 and 7360 Carroll Road in the Sorrento Mesa neighborhood. The property sold on Sept. 15 for $59.48 million, or about $704 per square foot, according to the earnings report.
Most recently, on Sept. 26, the company sold a 109,780 square foot building at 13112 Evening Creek Drive for $55.5 million, or about $506 per square foot.
The company was also involved in the sales of a 70 percent interest in two San Diego properties. The first is located at 3215 Merryfield Row in the Torrey Pines submarket. The property totals 170,523 square feet and sold for $149.9 million, or about $1,256 per square foot. The second property, Summers Ridge Science Park, is located at 9975 Summers Ridge Road in Sorrento Mesa and sold for $159.6 million, or $720 per square foot.
Overall, the company completed dispositions and sales of partial interests for a total of $2.2 billion during the third quarter of 2022. Also in the third quarter, the company acquired 1.2 million square feet of life science assets across multiple markets for a combined price of $316.7 million.
Since its founding in 1994, Alexandria has been developing, acquiring and selling life science properties across San Diego as well as other major markets, including San Francisco, Seattle, Boston and more. As of the end of the third quarter, the company has a portfolio totaling more than 74.5 million square feet, which includes 41.1 million square feet of operating properties, 5.6 million square feet of properties currently under construction and 17.9 million square feet of future development projects.