Four transactions totaling $17 million
San Diego CA– Although COVID-19 has certainly created uncertainty and a wave in the commercial realty industry, one brokerage continues to make deals in this current market. Chris Duncan, Vice President of Voit Real Estate Services San Diego Office, has managed four transactions totaling $17 million. All properties were located in Sorrento Mesa’s thriving life science submarket and all transactions were completed within three weeks.
Duncan says that there is a strong demand for quality assets at quality locations, particularly in the life sciences sector. San Diego and Sorrento Mesa are the country’s third-largest life science hubs, after San Francisco and Boston. San Diego is home to many top-tier life and biotech companies.
Duncan says that Voit’s track record and long history in San Diego was key to these deals. Duncan has over 13 years experience in commercial real estate with a special focus on the Central County San Diego area.
Voit Real Estate Two Office/Flex Properties for Sale in Sorrento Mesa
Chris Duncan, Voit Real Estate Services, was responsible for the sale of two office/flex property units in Sorrento Mesa (California) for $3.55million. Duncan represented Eton Bioscience, which is a biotech company in the sale.
Duncan explains that Eton Bioscience wanted to sell their existing lab/office space in order to expand into a location that would better suit the company’s growing needs. We were able to attract interest from many buyers because of our high-quality San Diego location at the epicentre for life sciences.
Duncan says that Sorrento Mesa’s demand for high-quality lab space is on the rise.
Duncan says that “the demand for Sorrento Mesa lab space continues to exceed supply which allowed us to secure a premium for the Voit Real Estate client.” “In fact, many life sciences companies continue to buy office space and other assets and convert them into lab space because there is not enough industrial/R&D space.”
This included the sale to AxisPharm (a biotech company) of Unit 104 and to American Testing Labs (a life science company) of Unit 106-108.
1031 Exchange Purchase of an Office/Flex/R&D Building at Sorrento Mesa
Chris Duncan, Voit Real Estate director, also managed the purchase of a freestanding office/flex/R&D building measuring 21,278 sq.ft. The total cost of the transaction was $5.3 million. Duncan represented Eton Bioscience as part of a 1031 Exchange.
Duncan explains that Duncan was tasked with finding Eton Biosciences a new space to accommodate their needs and execute a 1031 exchange.