(EDITOR’S NOTE: According to sources familiar with the transaction, the property sold for $149.3 million, or approximately $583 per square foot. Centerpark Plaza is located at 10125, 6620 and 6696 Mesa Rim Road as well as 6730, 6790, 6815, 6825, 6835, 6865 and 6885 Flanders Drive.)
San Diego, CA — Longfellow Real Estate Partners today announced its acquisition of Centerpark Plaza, a site that consists of 10 buildings totaling 256,000 square feet on 16.8 acres in the Sorrento Mesa submarket of San Diego.
The Centerpark Plaza acquisition is Longfellow’s 8th in San Diego since the life science developer entered the market in September 2018, bringing the firm’s existing regional portfolio to nearly 1.3 million square feet, with an additional 1 million square foot development pipeline. The new acquisition builds upon Longfellow’s 2020 acquisition of Biovista, a 280,000-square foot lab conversion project, and its acquisition of Sorrento Tech, a 93,000-square foot campus.
Centerpark Plaza will immediately undergo a redesign and enhancement of the site that will include open outdoor amenity space and ElevateTM, Longfellow’s signature tenant experience program featuring fitness, conferencing, curated events, and convenience services.
Concurrently, the buildings will receive significant lab infrastructure upgrades and interior overhaul into class A life science space.
“This acquisition reflects Longfellow’s continued commitment to the San Diego region, life science industry, and our thriving community,” said Longfellow Managing Director Nick Frasco.
“With a prime location and flexibility for both converted and newly constructed life science space, Centerpark Plaza will enable us to continue to meet the needs of our existing tenants and the growing market demand.”
“Longfellow is committed to investing in key life science clusters across the country,” said Longfellow CEO Adam Sichol. “San Diego is a leader in the life science sector, and an integral part of our national portfolio. We are thrilled to support the most innovative companies and institutions in America with our world-class buildings.”
Longfellow purchased Centerpark Plaza from Montana Avenue Capital, which was advised by Eastdil Secured. Longfellow Real Estate Partners represented itself on the buyer’s side.
Longfellow has spearheaded the development of life science clusters throughout the San Diego region and the nation, including Boston/Cambridge, San Francisco, and the Research Triangle of North Carolina. Longfellow has acquired over 12M SF of innovative life science conversion and development projects in the US.
About Longfellow Real Estate Partners
Longfellow Real Estate Partners is the largest private life science real estate services firm in the United States. The firm’s portfolio spans more than 12 million square feet of laboratory and technology space, concentrated in the nation’s top markets for bio innovation on both coasts including San Francisco, San Diego, Raleigh-Durham and Boston-Cambridge. Longfellow acquires and develops facilities in strategic locations and builds long-term relationships with research-centric organizations including life science companies, universities, medical centers and research institutes. The firm’s institutional capabilities and entrepreneurial vision enables Longfellow to deliver high quality laboratories and innovation space while satisfying each tenant’s unique requirements. For more information about Longfellow, email info@lfrep.com.
