A Scripps Ranch research and development building has been acquired by Luminous Capital Management based in Irvine in partnership with Virtus Real Estate Capital based in Austin.
The 75,000 square-foot building was sold by LG Electronics U.S.A., Inc. for $12.6 million.
LG was represented by Louay Alsadek, Darla Longo, Barbara Perrier, Hunter Rowe, Evan Knudson, Maddie Mawby, and Eric Para of CBRE.
John Chun and John Marshall of JLL arranged the joint venture between Luminous and Virtus.
Luminous and Virtus plan to renovate the property for use as a bioscience manufacturing plant.
Construction is expected to be finished in 2022.
The building has heavy power, dock high and grade level loading, and the ability to create 28 feet of clear height.
Luminous founders Bob Dougherty, Matt Stephenson, and Tom Lam said that the Interstate 15 corridor is emerging as a critical market for bioscience manufacturing because it offers proximity to the life science labs in Torrey Pines, UTC, and La Jolla at a significantly reduced cost.
“Lab discoveries are beginning to transition into the production phases, driving a growing wave of demand for manufacturing space,” said Matt Withey, managing director of Virtus.
“At the same time, there is a shortage of available land and industrial properties suitable for conversion in San Diego, and Willow Creek is well-positioned to capitalize upon this acute supply-demand imbalance,” Withey said.
Ferguson Pape Baldwin Architects based in Kearny Mesa has been retained to design building renovations.
Tim Olson and Tony Russell of JLL will oversee leasing.
California Bank & Trust provided financing for the acquisition, tenant improvements, and leasing commissions.