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Carlsbad R&D Building To Be Renovated For Life Science

 A vacant Carlsbad industrial and research and development building in Carlsbad has been sold for $9.5 million with plans to renovate it for life science.

Luminous Capital Management based in Irvine bought the 37,300 square-foot building at 2290 Cosmos Court in partnership with Virtus Real Estate Capital based in Austin, TX.

The building was owned by a partnership led by Excelsior Partners based in Los Angeles. ViaSat had occupied the structure until April 2021.

Renovations are due to be completed in early 2023.

“We identified growing demand for high-quality lab space in Carlsbad driven by the lack of availability in the core Central County submarkets,” said Tom Lam, a founding principal of Luminous.

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“At the same time, much of the available inventory in North County is controlled by large corporate users or is inferior second and third-generation space,” Lam said. “Cosmos Court presents an outstanding opportunity to construct a modern life science building for a growing enterprise.”

The Cosmos Court acquisition is the second in Carlsbad for Luminous and Virtus.

The partnership in September bought a 75,000 square-foot building at 10225 Willow Creek Road that it is renovating.

“Large biotech companies such as Thermo Fisher, MilliporeSigma, and GenMark have had a presence in Carlsbad for a long time. On a smaller scale, offering high-quality R&D; space to emerging companies allows them to tap a deep talent pool which already resides in the area,” said Matt Withey, managing director of Virtus.

Rusty Williams, Chris Roth, and Jake Rubendall of Lee & Associates represented Excelsior in the sale of the Cosmos Court property.

John Chun and John Marshall of JLL arranged the equity joint venture between  Luminous and Virtus.

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