Waterridge Vista Dr./ Mira Mesa BLVD.
ACREs
Incredible opportunity for Tech / Life Science development. Located in the heart of San Diego’s Biotech Hub and close proximity to UC San Diego and Highway 805.
Property Description
San Diego has become one of the top three premier regions (along with San Francisco and Boston/Cambridge) for research and development in the Tech and Life Sciences sectors in recent years. The activity continues to ramp up!
Major firms in these sectors have made their way to this area to tap into the talent of the community, and access to the world class research and academic institutes, not unlike Silicon Valley and maintains its ability to attract the best and the brightest in the startup world.
This site is less than 2 miles away from UC San Diego and neighbors the newly renovated Sorrento Towers, a biotech campus, that sold in 2021 for $146 Million. This site is an incredible opportunity to build up to 345,000 SF of Tech or Life Science office.
.• Life Science leasing activity is up 155% year over year for 2021. The most prominent Life Science submarkets in San Diego are Sorrento Mesa, Torrey Pines and UTC. Torrey Pines and UTC have a 1.3% vacancy rate and approximately $6.95 NNN PSF. In the first half of January 2022, the rent increased to $7.50 NNN PSF per month.
• The number of Life Sciences jobs in San Diego rose to 69,200 in Q4 2021 (the highest it has ever been), and since year-end 2019, SD-based R&D jobs have increased 17.9%, with a 91% correlation between job growth and lab space rents.
• 2021 year-end rent for lab space has nearly doubled from $41.52 PSF in 2016 to $74.88 PSF
• 2021 venture capital funding exceeded $6.6 Billion by the end of Q3 2021, of which, 66% has been allocated to Life
Sciences Companies (next highest sector is tech at 28%).
Sources include Cumming Group and
Cushman & Wakefield.
Property Highlights
• In 2021, there were 139 Life Science leases completed in the San Diego market, representing a total of 4 Million SF, a 51% increase in transactions and an 80% increase in square footage from 2020
• Q4 2021 Life Science leasing activity totaled 1.2 Million SF in 33 leases, representing nearly 75,000 SF of absorption and
the second consecutive quarter where leasing activity surpassed 1 Million SF.
• Q4 2021 vacancy rate at 3.1%, a record low for the market, and a 0.4% decrease from Q3 and a 2.4% decrease
year-over-year. Office space is in high demand and short supply, and this site is one of the few last remaining opportunities of this size in the area.
• Sorrento Mesa has become Southern California’s Silicon Valley for Tech and Life Science R&D, where Life Science rents have achieved offices renting upward of $84/SF/year NNN
• This site is located next to and high above Highway 805, with an average daily traffic volume of 349,000 vehicles per day (Caltrans, 2017).
• Adjacent to Sorrento Towers (Dexcom Headquarters) and less than 3 miles from UC San Diego, Westfield, UTC, and Downtown La Jolla
Sources include Cumming Group and
Cushman & Wakefield.
TO HEAR MORE ABOUT THIS EXCLUSIVE OPPORTUNITY, CALL (415) 942-4549 or (702) 613-3469 TO SPEAK TO A PRINCIPAL
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HMV Land Assembly is a family office investment and development firm that owns significant real estate assets in Nevada, Idaho, and California, and is focused on the ground-up development of various Class-A property types.
© 2022. All Right Reserved. HMV Website.
HMV Land Assembly is a family office investment and development firm that owns significant real estate assets in Nevada, Idaho, and California, and is focused on the ground-up development of various Class-A property types.
© 2022. All Right Reserved. HMV Website.