Last week, Shidler announced the purchase of Torrey Sorrento Industrial Park, a two-building, 37,555-sf complex in Sorrento Valley, for $1.7 million--and promptly signed Structural GenomiX Inc., a biotechnology research company, to a $5.4-million, seven-year lease for two-thirds of the space.
Shidler's new single-story property will be reflagged as Torrey Science Center. The seller in the all-cash deal was Torrey Sorrento Industrial Park Ltd. Shidler plans to invest about $2 million to convert the center into a biotech laboratory.
Both Shidler and Torrey Sorrento were represented by Nick Psyllos of CB Richard Ellis in San Diego. In the Structural GenomiX lease, Neil Fox of Phase 3 Properties represented both sides. Bob Beeler Architects is working with Structural GenomiX to develop a space plan for its portion of the park.
"Given San Diego's position as one of the top three biotechnology research centers in the world, we believe continued investment in commercial space to serve this industry will be a growing part of (our) strategy," says Shidler principal Matt Root. "We continue to seek opportunities that will allow us to invest an additional $150 million in commercial properties in Southern California this year."
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