Longfellow Real Estate Partners is aggressively expanding in the San Diego market and planning to expand its portfolio of life science and creative offices in the market. In its most recent strategic endeavors, the investor acquired and named Sycamore Creek Research Park in the Sorrento Valley Newmark Knight Frank as a strategic leasing partner to expand its portfolio.
"San Diego is a great environment for life science companies and we see exceptional growth here in the biotech space." Nick Frasco, West Coast manager at Longfellow, told GlobeSt.com. “San Diego offers startups and established companies a strong existing ecosystem that, along with the steady influx of skilled STEM workforce from our world-class universities, high quality of life and limited supply, will further advance the area's life sciences fundamentals. "
Longfellow already has a 450,000 square foot portfolio in the market that will be repositioned and upgraded. Due to the high demand for laboratory space, the repositioning is concentrating on the construction of the most modern laboratory space. According to Frasco, the company also plans to build "collaborative office space, world-class décor areas and an unparalleled tenant service program." In addition, the company will look at more acquisition opportunities but has no specific goals. "
According to Frasco, Sycamore Creek Research Park, an 86,788-square-foot lot at Sorrento Valley Road 10655, 10665, and 10675 with 70% vacancy, is a perfect fit for Longfellow's market goals as it is an underutilized campus and is a good fit for the lab conversion. "The location in close proximity to our existing Sorrento Valley portfolio offers ideal synergy and expands the space options with which we can serve our existing and potential customers," he adds. The company purchased the property from West Coast Capital Partners for $ 26.8 million.
Longfellow describes its new partnership with NKF as "essential" to the success of the strategy. Senior Managing Directors of NKF Steve Bruce and Chris High, associate Conor Evans and brokerage service providers Aubri Steelewill handle the leasing for the portfolio. "We are very excited about our partnership with NKF, which we recently won to represent our entire Sorrento Valley portfolio," says Frasco. "The team will bring a unique strategic approach to its agencies' representation services and an exceptional work ethic that is critical to the success of our business plan."
