Breakthrough Properties was joined by San Diego Mayor Todd Gloria, UCSD Chancellor Pradeep Khosla and representatives from Pfizer and BD Biosciences to commemorate the opening of Torrey View, its newly developed, 10-acre life science campus in Del Mar Heights. The 520,000-square-foot campus was 100% pre-leased months before completion.

The oncology division of Pfizer leased 230,000 square feet spanning two buildings. Global medical technology company BD created a 220,000-square-foot innovation center for its Biosciences division across a third building. Charles River Laboratories, Actio Biosciences and Architect Therapeutics leased the remaining space. JLL handled leasing for Breakthrough.

A joint venture of Tishman Speyer and Bellco Capital, Breakthrough Properties acquired the Torrey View site in October 2020 and developed it alongside co-equity partners Mitsui Fudosan America, Investment Management Corporation of Ontario (IMCO) and AP2. “We developed Torrey View as a premier hub of innovation and collaboration where important research will be conducted and advanced,” said Breakthrough CEO Dan Belldegrun.

Alexandria Real Estate Equities, Inc. said Tuesday that a top 20 pharmaceutical company and longstanding credit tenant has increased its San Diego footprint by nearly 53%. The tenant has signed a 10-year lease for 127,382 square feet, with significant expansion options, for a new R&D center at 10075 Barnes Canyon Rd. on the SD Tech by Alexandria mega campus in the Sorrento Mesa submarket of San Diego. 

With this anchor lease, the 253,079-square-foot development, which is targeting LEED Gold Core & Shell and Fitwel certifications, is now 70% leased ahead of its anticipated initial delivery in 2025. The lease also brings Alexandria’s 1.2-million-square-foot pipeline of under-construction mega campus development projects in San Diego to 94% leased.

Having entered the San Diego market in June 1994, Alexandria has been a key player in the development, expansion and transformation of the region into one of the nation’s top life science clusters. As of this past March, its operational San Diego portfolio was 95.2% occupied.

San Clemente-based CareTrust REIT, Inc. (has purchased three continuing care retirement communities (CCRCs) located in Los Angeles, Orange, and San Diego counties for a total of $60.3 million. The multi-service senior living campuses include 475 assisted living, skilled nursing and memory care beds/units. All three facilities will be operated by Bayshire Senior Communities, an existing CareTrust tenant based in Southern California.

In the largest purchase, CareTrust acquired Torrey Pines Senior Living (pictured), a CCRC located in San Diego, for approximately $32.3 million. The Torrey Pines facility has been added to CareTrust’s existing master lease with Bayshire.

Acquisition of the other two CCRCs was completed through a joint venture arrangement entered into between CareTrust and a third-party regional healthcare real estate investor, with CareTrust as the managing member of the JV entity. CareTrust provided a combined common equity and preferred equity investment amount totaling approximately $28 million.

“Bayshire’s performance in our existing portfolio has demonstrated their focus on providing excellent care to their residents and patients and made us eager to help them add additional scale in Southern California,” said James Callister, CareTrust’s Chief Investment Officer.

The Port of San Diego’s planning for the “future of the Port,” formally known as the Port Master Plan Update (PMPU), has reached a major milestone with the Board of Port Commissioners’ unanimous certification of the Final Program Environmental Impact Report and approval of the PMPU. Next, Port staff will process the PMPU document with the California Coastal Commission with the goal of certification late this year.

“We are excited to enter the final phase of this important plan that reflects our collective vision – of our communities, stakeholders, and the Port – for the future of San Diego Bay and the surrounding waterfront,” said chairman Frank Urtasun of the Board of Port Commissioners. “After 11 years of community engagement including numerous public meetings and exchanges with the public, the PMPU will help us continue to deliver on promises made to voters when the Port was established in 1962.”

The Port Master Plan is a water- and land-use plan that designates specific areas of San Diego Bay and the surrounding waterfront for a variety of uses including maritime, fishing, visitor-serving commercial, recreational, environmental conservation and protection and navigation. The plan determines where port activities should take place, where recreational amenities should be located, and where commercial uses including hotels, restaurants and visitor-serving retail may be built.

Marcus & Millichap finalized the sale of a 0.16-acre parcel of land located in San Diego. The asset sold for $1,600,000. 

Aaron Bove, senior managing director investments in Marcus & Millichap’s San Diego Del Mar office, marketed the property on behalf of the seller, 3971 Georgia Avenue San Diego LLC. The buyer, RD Dev Properties LLC, was procured by Bove and Jared Wallach, investment specialists in the firm’s San Diego Del Mar office. 

The property is a 6,998-square-foot lot with an existing duplex located at 3971 Georgia St. in San Diego. This prime Hillcrest site was zoned RM-3-7 and included a Complete Community Tier 3 overlay and was in a Qualified Opportunity Zone .  

“We are very excited to watch the transformation of the site into quality housing for the neighborhood,” said Bove. “The 45-day escrow shows the resiliency of San Diego development.”