The buyer was IQHQ, a premier life sciences real estate development company, which plans to build Downtown San Diego’s first life science campus on the property. While official plans have yet to be announced, IQHQ has received approvals to develop new Class A office/R&D, lab and retail space on the site.
The sale consisted of 8 of the approximately 12 acres that make up the current Manchester Pacific Gateway mixed-use development site which spans eight city blocks. The sale did not include the 1,000 key luxury hotel or the new 17-story, 372,000-sf Navy headquarters building.
Rick Reeder, Executive Managing Director with Cushman & Wakefield’s Capital Markets in San Diego brokered the transaction. Cushman & Wakefield’s Brett Ward and Derek Hulse along with Michael Burton of Flock & Avoyer provided market advisory.
“This is an irreplaceable location and one of the most iconic waterfront development sites on the West Coast and there is currently no life science development in Downtown San Diego, which creates a great opportunity for IQHQ,” said Rick Reeder. “IQHQ’s plan for a life science campus on this incredible piece of property at the gateway of San Diego will be a welcomed addition for the marketplace to cater to the growing demand of biotech users while also continuing to build on San Diego’s position as a leading global life sciences market.”
In addition to the numerous amenities and housing offered in Downtown San Diego, the project’s strategic location south of Broadway, between Pacific Highway and Harbor Drive, also offers accessibility to a myriad of public transportation services including the new San Diego Trolley Blue Line which will connect Downtown to San Diego’s Life Science Hub in Torrey Pines near UCSD, and also a half-hour COASTER ride to the Solana Beach area. Additionally, its proximity to the San Diego International Airport & Tijuana International Airport also offers convenient mobility options for regional, national and international tenants.