Breakthrough Properties, a joint venture of Tishman Speyer and Bellco Capital, has acquired a 65% stake in the fully leased Callan Ridge life science campus in San Diego. The two-building campus, developed by Healthpeak Properties, features sustainable design elements and a 5.3% stabilized cash capitalization rate based on a $67 per square foot initial annual rental rate. The sale price for the transaction was $236 million.

Summary of transaction details

• Property Type: Life Sciences
• Transaction Amount: $236,000,000
• Address: 3020-3030 Callan Road, San Diego
• Buyer: Dan Belldegrun - Breakthrough Properties
• Seller: Scott M. Brinker - Healthpeak Properties

Breakthrough Properties, represented by Dan Belldegrun, completed the acquisition of the Callan Ridge life science campus in San Diego from Scott M. Brinker, who represented Healthpeak Properties in the transaction.