Sterling Bay And Harrison Street Secure $265M Construction Loan For San Diego Life Sciences Campus

Aned confirmed in May 2023, Sterling Bay and Harrison Street have secured a $265 million construction loan from Bank OZK for the development of Pacific Center, a new life sciences campus in Sorrento Mesa, San Diego. The loan will support the construction of 500,000 square feet of research space, an amenity center, and a parking facility, catering to the growing life sciences industry in San Diego.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $265,000,000
• Address: 10445 Pacific Center Court, Sorrento Mesa, San Diego
• Market: San Diego
• Loan Type: Construction Loan
• Lender: Bank OZK
• Landlords: Sterling Bay (Andy Gloor) and Harrison Street (Mark Burkemper)

This significant transaction involves key players, with Sterling Bay represented by Andy Gloor and Harrison Street represented by Mark Burkemper, making strategic moves to facilitate the development of Pacific Center. The loan secured from Bank OZK will support the growth of a state-of-the-art life sciences campus in San Diego, meeting the demands of the thriving life sciences industry in the region.