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Drawbridge Realty creates valuable asset in San Diego from 2013 foreclosure buy
Sale of 6650 Nancy Ridge for $15.9 million completes investor's long-term vision for building as stable, single-tenant lab facility
By: Drawbridge Realty
The buyer was Santa Monica-based Miramar Capital, a privately-held real estate investment platform focused on high-quality industrial, office, life science, multifamily and data center investments across the United States.
Nick Psyllos, Managing Director, JLL Capital Markets, assisted by Grant Schoneman and Chad Urie, also from JLL's San Diego office, represented Drawbridge Realty in the sale. Olga Walsh, Director, JLL Capital Markets arranged acquisition financing for the buyer.
Drawbridge acquired the vacant property out of bankruptcy in 2013 for approximately $2 million and immediately began renovations and repositioning with the intent of creating a high-quality research laboratory leased to a single-tenant user in Sorrento Mesa's burgeoning life science cluster. Following completion of the building renovation, Drawbridge initially leased the entire building to Monsanto on a NNN basis.
Earlier this year, with the help of Schoneman and Urie of JLL, Drawbridge successfully re-tenanted 6650 Nancy Ridge, signing a lease with a U.S. unit of LumiraDx, a growing medical information technology firm specializing in point-of-care diagnostics and developer of a successful SARS-CoV-2 antigen test.
About Drawbridge Realty:
Drawbridge Realty is a San Francisco-based real estate investment and development company that targets commercial property investments in growth markets across the U.S. Its portfolio primarily consists of office properties leased long-term to large corporations with an emphasis on strategically important locations. Drawbridge has a long history of successfully creating value for corporate clients and investors and has completed transactions with companies including Bayer, Broadcom, IBM, Google, Johnson & Johnson, L3Harris Technologies, Lockheed Martin, Medtronic, NI, and Northrop Grumman. The current Drawbridge portfolio is comprised of over 5 million square feet located in growth markets across the United States.