Luminous Capital Management and Virtus Real Estate Capital have formed a joint venture to convert an industrial warehouse into a life science facility. The joint venture has secured $33 million in equity capital for the project.
Located at 10225 Willow Creek Rd. in the Scripps Ranch area of San Diego, the 71,168-square-foot property is largely obsolete as warehouse space. Built in 1979, it features only 14- to 16-foot clear heights, three roll-up doors, six platform docks, heavy power capabilities and ample parking.
The joint venture plans to renovate the property into a facility that will be suitable as a high-image industrial asset for life sciences manufacturing uses, ideally for the production of pharmaceuticals and other therapeutics. To accomplish this, the joint venture will create 28-foot clear heights.
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Kelsi Maree Borland
