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Research Center Sells for $20M

SORRENTO MESA, CA-The two-building, 87,298-sf Nancy Ridge Research Center here has been sold to Alexandria Real Estate Equities, a life science REIT.

By Daniel D. Williams | Updated on January 19, 2005

SORRENTO MESA, CA-The biotech industry remains a major boon in the San Diego area. The Sorrento Mesa area received another boost with the sale of Nancy Ridge Research Center. Located at 5810 and 5820 Nancy Ridge Dr. in San Diego, the two-building, 87,298-sf property traded hands for $20.5 million. Alexandria Real Estate Equities, a life science REIT, acquired the property from Nexus Properties Inc. Nexus Properties developed the research center in 1999. The property features biology and chemistry labs, clean rooms and a 1,200-sf vivarium. Tenants include Cylene Pharmaceuticals, which will move into 15,000-sf of space later this month; Medvantex occupying 10,000 sf; and Epimmune Inc. at approximately 24,000 sf. And, in June 2004, Biocept Inc. agreed to an 88-month, $7.2-million deal for 38,400 sf of corporate headquarters and lab space. Chad Urie of Colliers International and Jeff Ryan of Alexandria Real Estate Equities represented the buyer. Neil Fox of Phase 3 Properties represented the seller. The Nancy Research Center is one of many biotech plays in recent months. Last fall, biomedical firm MediVas LLC relocated its headquarters to the Carroll Vista Center complex at 6275 Nancy Ridge Dr. As reported on Globest.com, MediVas signed an 80-month $6.3-million lease. The firm took on 47,347 sf of chemistry and biology lab space. According to researchers with Burnham Real Estate, the biotech industry saw an uptick in R&D activity during the latter part of 2004, with a firming up of rents during the fourth quarter of the year.

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