Peter M. Moglia Of Alexandria Real Estate Equities Sells Development Site In San Diego For $40M
9393 Towne Centre Drive
$40,000,000
Building Size
—
Asset Type
Development Site
Closing
Dec 18, 2025
AI
A 3.97-acre development site located at 9363, 9373 & 9393 Towne Centre Drive in San Diego has been sold for $40,000,000. The property was fully entitled, and the transaction resulted in an $18 million gain for the seller. This sale signifies a change in Alexandria Real Estate Equities Inc's strategy, moving towards capital recycling amid challenges in the life sciences sector.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $40,000,000
- Seller: Peter M. Moglia - Alexandria Real Estate Equities Inc
- Market: San Diego
- Acres: 3.97
- Note: The sale dissolved Alexandria's joint venture with Thomson Reuters and reflects a strategic shift due to weakening life science demand.
Peter M. Moglia represented Alexandria Real Estate Equities Inc in this transaction. This sale highlights the ongoing adaptations of firms within the market as financial pressures influence development choices.
San Diego Development Site Market Snapshot
Boundary boundary · Development Site · Sale transactions
Loading comparables…
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.40%
Cash-on-Cash
-0.11%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93