SAN DIEGO – December 15, 2022 – JLL Capital Markets announced today that it has arranged $202 million in financing for the redevelopment of Bioterra, a to-be-built, 316,000-square-foot lab / biotech facility in the heart of San Diego’s life sciences cluster.
JLL worked on behalf of the borrower, Longfellow Real Estate Partners, to secure the three-year loan through Square Mile Capital Management, LLC and Bank OZK.
The 4.14-acre site originally contained three vacant buildings that have now been demolished for the development of a premier life sciences research and development asset. Designed by HOK architects, Bioterra will be built to Class A lab standards and can accommodate either a single-tenant or multiple users. Upon completion in 2024, the project will be programmed with Longfellow’s signature Elevate tenant experience platform and will offer on-site amenities, including a coffee bar, conference facilities, full-service fitness center with space for outdoor classes, full-service restaurant and café with outdoor seating. The five-story building will also offer three levels of subterranean parking.
Located at 5889, 5893 and 5897 Oberlin Dr., Bioterra is positioned in the Sorrento Mesa submarket of San Diego, one of San Diego’s fastest growing life sciences clusters. The property is just west of the 805 and 5 Freeways, which provide convenient access throughout San Diego and the greater Southern California area. In addition, the immediate area surrounding the property is highly amenitized with a variety of restaurants, retail shops, entertainment offerings and hotels.
According to JLL’s 2022 Life Sciences Lab Real Estate Outlook, San Diego ranks as the third largest life sciences market in the U.S. Continued accelerated demand for lab space in the city has resulted in an immense supply-demand imbalance and has pushed occupiers out to submarkets like Sorrento Mesa that are in close proximity to the talent and funding that fuels the sector.
The JLL Capital Markets team representing the borrower was led by Senior Managing Director Aldon Cole, Managing Director Patrick Burger, Associate Daniel Pinkus and Analyst Mariah Feghali.
“Bioterra is an exciting step forward in Longfellow’s commitment to support the rapidly growing San Diego life science market,” said Nick Frasco, Longfellow Real Estate Partners Chief Investment Officer West & Managing Director. “The campus will be a major addition to our San Diego portfolio, set to offer unparalleled amenities, state-of-the-art lab space and an unmatched level of care for our tenants.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
