P3RE Gets $149M Refi for San Diego Campus

HFF arranged the loan for Genesis Campus Point, a three-building Class A life-sciences campus that totals more than 300,000 square feet.
Genesis Campus Point
Genesis Campus Point

Phase 3 Real Estate Partners Inc. has completed a $149 million refinance of Genesis Campus Point, a three-building, 314,135-square-foot life-science campus in San Diego’s UTC submarket. HFF secured the 48-month floating-rate loan for P3RE.

Genesis Campus Point is located at 4224 and 4242 Campus Point Court and 10210 Campus Point Drive in San Diego, which is the nation’s third-largest biotech market, behind Boston and San Francisco. Situated just east of Interstate 5 and directly south of its interchange with Interstate 805, the property is close to the UCSD health system, Scripps medical campus, Westfield UTC Mall, Torrey Pines Reserve and Golf Course, and numerous dining and entertainment venues.

The property comprises three Class A life-science buildings, an underground parking facility and an amenity property that features a fitness center with lap pool, yoga studio, spin studio, and showers and lockers, an on-site restaurant/bar and conference facilities. Genesis Campus Point was completed in the 1980s and fully renovated in 2016, according to Yardi Matrix. 

Tenants at the life-science campus include Poseida Therapeutics, MabPlex USA, Heron Therapeutics, Celgene, Tocagen, BioLabs San Diego LLC and AveXis Inc. The property is currently 65 percent occupied, Michael Gerrity, president of P3RE, told Commercial Property Executive. “While San Diego lacks the big pharma and biotech presence which is driving robust activity in Boston and San Francisco, it is a great start-up market with good momentum from smaller users,” Gerrity told CPE. “San Diego’s life science cluster continues to have decent activity, and Genesis Campus Point is in a great spot to meet it.”

The HFF debt placement team representing the borrower included Senior Managing Director Tim Wright, Managing Director Todd Sugimoto and Senior Associate Olga Walsh. The lender was “a major debt fund,” according to an HFF spokesperson.

Plenty of life

In keeping with the project’s orientation toward start-ups, one of its key tenants is BioLabs, a membership-based network of shared lab facilities, founded in partnership with life-sciences industry association Biocom. BioLabs’ space in 10210 Campus Point Drive offers coworking opportunities to biotech start-ups, with a minimum commitment of just one bench.

In April, in another deal arranged by HFF, P3RE landed a $385 million refinancing of a two-building office and life-science campus in South San Francisco. Two separate loans were extended for the 12- and 21-story towers, which total more than 700,000 square feet.

Image courtesy of HFF