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Thursday, Jan 26, 2023

Veralliance Properties Acquires Biosciences Campus for $109M

San Diego-based Veralliance Properties Inc. has begun the year in a strong position with the acquisition of the Neurocrine Biosciences Campus in Del Mar Heights for $109 million.

The seller, Neurocrine Biosciences Inc., a San Diego-based biotechnology company, signed a 12-year lease-back agreement for space on a 9.6-acre site on El Camino Real near Del Mar Heights Road.

The campus includes two three-story buildings totaling 220,800 square feet. Included in the sale was a 4.2-acre parcel entitled for 93,000 square feet of office space. Veralliance plans to construct a Class A, three-story building on that parcel in late 2008.

“We are very pleased to add this quality campus located in one of San Diego’s premier office markets to our portfolio,” said Bret E. Gossett, principal of Veralliance, in a Jan. 11 announcement. “We look forward to using our development expertise to expand the campus to serve the highly sought-after Del Mar office market.”

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Veralliance’s office and life sciences portfolio now totals more than 2 million square feet of existing and planned space.

Both Veralliance Properties and Neurocrine Biosciences, doing business as Science Park Center LLC, were represented by Neil Fox and Mike Gerrity of San Diego-based Phase 3 Properties Inc.

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Corky Building Green Urban Project:

The Corky McMillin Cos.’ planned Eastern Urban Center in Chula Vista was accepted as the only San Diego County project to participate in a pilot program for the U.S. Green Building Council.

The pilot program is for the latest Leadership in Energy and Environmental Design, or LEED, certification category of neighborhood development. LEED certification serves as the benchmark for sustainable and green building practices. The new neighborhood development certification category recognizes smart growth and urbanism on an entire development level rather than an individual building level, according to the Corky McMillin Cos.

“Everyone at McMillin believes in the importance of building green, and this certification only strengthens our commitment toward creating sustainable projects,” said Lisa Johnson, the company’s director of community relations.

The Eastern Urban Center is in the early stages of development. When completed, the 210-acre Eastern Urban Center will include 3.4 million square feet of commercial office space and 3,000 single-family attached units.

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Willis Allen Expands To Eight Local Offices:

La Jolla-based Willis Allen Real Estate has expanded. The local residential real estate company acquired Santaluz Realty/DMB Realty earlier this year. The acquisition brings the total number of Willis Allen Real Estate offices in the San Diego area to eight, including in Coronado, Del Mar, La Jolla, Point Loma and Rancho Santa Fe. Details of the purchase were not disclosed.

At the time of the acquisition, Willis Allen President and Chief Executive Officer Andrew E. Nelson said that Willis Allen Real Estate continues to enjoy success and growth despite the changing market.

“We are thrilled to enhance our presence in the prestigious community of Santaluz and the neighboring areas of Del Sur, Fairbanks Ranch and Carmel Valley, to name a few,” said Nelson in Willis Allen Real Estate’s Jan. 2 announcement. “We are confident the success this office has already achieved will be bolstered by Willis Allen’s independent brand. We are extremely proud of the momentum we are taking into the new year.”

Willis Allen Real Estate now employs a team of 201, including nine agents and two staff members in the Santaluz office.

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New Division Devoted To Custom Homes:

San Diego-based Pacific Scene Homes launched a custom home division late last year and has wasted no time building one-of-a-kind homes. The developer just completed a multimillion-dollar custom home in La Jolla.

Dennis Ferdig, Pacific Scene Homes’ executive vice president, said the new division will focus on building well-planned and well-executed homes in select San Diego County markets.

“The goal of our new division is to provide buyers with a unique turnkey experience, one that dispels the myth that building a custom home is an onerous undertaking,” said Ferdig in an announcement. “Our commitment is to a fun, dynamic and educational process that our customers will truly enjoy and at the end of the process they will feel they played an integral role in the creation of a dream home.”

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Engineering Firm Relocates, Consolidates:

SCS Field Services, the environmental consulting subsidiary of Long Beach-based SCS Engineers, has moved its San Diego office from its Rancho Bernardo location to Kearny Mesa. SCS Field Services and SCS Engineers of San Diego will operate in one centralized office, according to a Jan. 9 announcement. The two local offices have approximately 30 employees.

Daniel E. Johnson, vice president of SCS Engineers, said the move allows the engineering and field services office to run more efficiently as a team.

“This consolidation allows us to provide those additional services in San Diego all under one roof,” said Johnson in the announcement.

Steve Cooper, field services manager for the San Diego office, said his office now has full access and closer proximity to the technology infrastructure and is now more centrally located in the county.

“We are not merging into each other, but rather, supporting one another,” said Cooper.

Send real estate news to Michelle Mowad at


. She may also be reached at (858) 277-6359, ext. 3109.


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