LPC West Sells 62K SF Property in San Diego’s Biotech-Heavy Sorrento Mesa Submarket to Affiliate of Alexandria in $17 Million Off-Market Transaction

LPC West Sells 62K SF Property in San Diego’s Biotech-Heavy Sorrento Mesa Submarket to Affiliate of Alexandria in $17 Million Off-Market Transaction

LPC West, Inc., the West Coast operating division of Lincoln Property Company, has sold a 62,392-square-foot, two-story, flex R&D building to an affiliate of Alexandria Real Estate Equities for $17 million in an off-market transaction.

The building, which LPC West acquired in September 2019, is located at 9877 Waples Street in San Diego’s biotech-heavy Sorrento Mesa submarket. Currently, the building is mid-way through LPC West’s biotech conversion process, which the buyer will complete.

Andy Huggett, Bill Dolan and Sean Williams of CBRE represented LPC West in the sale, while Alexandria represented itself.

Concurrently, LPC West leased the entirety of its 39,644-square-foot two-story industrial-flex-lab property at 9955 Mesa Rim Road, less than one mile from the Waples property, to Biocept for an undisclosed amount. Lincoln purchased the property in December 2019 with a soon-to-expire lease in place.

“The Sorrento Mesa submarket in San Diego has remained strong with demand from both tenants and buyers looking to secure preeminent locations in the city’s life sciences cluster,” said Brig Black, executive vice president of LPC West. “We are very excited to add Biocept to our San Diego tenant roster.”

Biocept is a molecular diagnostics company that supplies its proprietary liquid biopsy technology to physicians, providing them with critical and timely information for treating and monitoring patients diagnosed with cancer.

Jack Hughson and Glenn Arnold of Cushman & Wakefield represented LPC West in the 127-month lease, to commence in the fourth quarter of 2020, while Greg Bisconti, also of Cushman & Wakefield, represented Biocept.

The San Diego office of LPC West currently oversees the management and development of approximately three million square feet of office, industrial, life science and specialty mixed-use space throughout San Diego County.

About LPC West

LPC West is a division of Lincoln Property Company, founded in 1965 and headquartered in Dallas, Texas. Lincoln Property Company is a national real estate investment and development firm offering a comprehensive suite of value-added services for its clients, with nearly 400 offices nationwide. LPC West maintains offices in San Diego, Orange County, Los Angeles, San Francisco, Portland and Seattle and oversees the management, acquisition and development of over 30 million square feet of commercial property. Access www.lpcwest.com for more information.