SAN DIEGO-The GC Net Lease REIT Inc., a publicly-registered, non-listed real estate investment trust sponsored by Los Angeles-based Griffin Capital Corp., has acquired a 328,700-square-foot biotech facility centrally located in San Diego’s biomedical market. The REIT, which is focused on acquiring “mission critical”, single-tenant, office and industrial properties net-leased to creditworthy corporate tenants, acquired the property for $56 million.

The facility currently serves as Life Technologies Corp.’s global headquarters. The acquisition is pursuant to a long term triple-net lease by the company, which currently controls a portfolio of more than 50,000 products sold and distributed to over 90% of the research laboratories in the U.S.

The campus, located at 5791 Van Allen Way in Carlsbad, CA, is anchored by research institutions including the Salk Institute, Scripps Ranch Institute and the University of California San Diego. Kevin Shields, CEO of Griffin, points out that “this property sits at the heart of LTI’s four-property, 700,000-square-foot global headquarters campus development and is integral to its ongoing business operations. Over the past decade, LTI spent a considerable amount of its own capital retrofitting and renovating the building—we like LTI’s level of commitment to the property, which certainly enhances the probability of a lease extension upon maturity.”