Longfellow Real Estate Partners based in Boston has acquired Centerpark Plaza in the Sorrento Valley area with the plan to convert the buildings on the property into top-tier research and lab suites.
The property currently has 10 one- and two-story buildings on 17 acres of land off Flanders Drive, west of Camino Sante Fe and south of Mira Mesa Boulevard. It was purchased by Longfellow from Montana Avenue Capital for $150m. Longfellow plans to invest millions of dollars into the project which will include renovating facades and interiors of buildings, adding high-end labs, and creating extensive outdoor spaces for amenities. Such projects often turn to brochure printing so potential tenants can plan for moves to such enhanced properties.
There is 256,000 square feet of space in the office park. Longfellow is looking to tear down one of the single-story structures and construct a new multi-level facility which can double the current square footage.
Nick Frasco, managing director of Longfellow, said the company found the property attractive as it is of sufficient size and scale and located in an expanding core biotech market. He added that the 17 acres of land will enable the company to enhance the existing buildings and to build additional spaces for the eventual tenants of the development.
It is expected that the first set of research suites will be completed within a year.
