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Deal of the Week - Sale

Torrey Pines biotech sale

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Ryan Egli and Hunter Rowe, of CBRE (NYSE: CBG), represented the seller of the Deal of the Week.

The buyer represented itself.

The deal was the sale of the 92,479-square-foot biotech laboratory/office building at 11099 N. Torrey Pines Road, San Diego, for $43.75 million, cash.

The buyer was HCP Torrey Pines LLC, an affiliate of Long Beach-based real estate investment trust (REIT) Health Care Property Inc. (NYSE: HCP).

The seller was AG/Touchstone TP LLC, a venture of Angelo, Gordon & Co. and Touchstone Investments.

The building was constructed around a two-story atrium in 1986 on a 7.88-square-foot lot, and consists of 40 percent office space and 60 percent laboratory.

The seller acquired the two-level property in January 2008 for $23.26 million, with financing of $19.45 million from MWC Funding I LLC.

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