HCP Buys Torrey Pines R&D Building; Ariel Suites Announces Trio of Commercial Tenants

San Diego’s real estate market has once again recorded an active week, with the city’s life sciences submarket, one of its strong suites, seeing an important asset transaction, while one of the most high profile developments in Little Italy is moving forward with new additions to its tenant roster.

By Alex Girda, Associate Editor

San Diego’s real estate market has once again recorded an active week. Health Care Properties Inc. recently paid $43.7 million to Angelo, Gordon & Co. for a Torrey Pines research and development office property. The deal was arranged by CBRE Group Inc. representatives Ryan Egli and Hunter Rowe, The San Diego Business Journal reports.

Located at 11099 N. Torrey Pines Road in Torrey Pines Science Park, the building offers 92,479 square feet of office space. At the time of the transaction, the property was around 93 percent under contract. The building’s tenant roster features names such as DermTech International, Amicus Therapeutics Inc., COI Pharmaceuticals Inc. and Monsanto LLC.

Meanwhile, at the corner of Beech Street and Kettner Boulevard in San Diego, the Ariel Suites apartment tower is taking shape. Scheduled for completion next year, the 22-story residential tower designed by AVRP Studio has reportedly secured three tenants for its commercial space.

Mexiterranean Hospitality L.L.C. has leased 4,650 square feet of space for ten years for a restaurant featuring Baja Mediterranean-style cuisine, while Pan Bon, a bi-level restaurant, will occupy 6,500 square feet for its wholesale operations. The third retail tenant, a Hanson’s Market organic grocery, will take 8,500 square feet.

Image courtesy of avrpstudios.com