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Jones Lang LaSalle has been retained as the Exclusive Agent for Seller to extend qualified principals the opportunity to acquire a fee simple interest in Lusk Innovation Portfolio (the “Property” or “Portfolio”). Located at 10225 Barnes Canyon Road and 6150 - 6650 Lusk Boulevard, San Diego, California, the Property contains nine buildings totaling approximately 371,281 square feet and consists of five parcels totaling approximately 20.56 Acres.
The Property is strategically located in the heart of the Sorrento Mesa submarket of North Cities San Diego, one of the most sought-after real estate submarkets in Southern California. Sorrento is populated with a thriving Life Sciences community, encompassing a diverse mix of corporate headquarters and emerging technology companies. The Property is currently developed to an underutilized 0.41 FAR and features by right zoning of up to a 2.0 FAR (approx. 1.8 million square feet), offering investors the outstanding opportunity to develop a state of the art Life Sciences complex. The Portfolio is currently 91% leased to 178 tenants on short term leases with a 1.08 year WALT. 15% of the leases have landlord triggered termination options.
- Life Sciences development opportunity of scale
- Supply constrained market
- High growth innovation hub
- Excellent market fundamentals
- Robust tenant demand
- High barriers to entry