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1155 Island Avenue

AnaBios Leases Office Space In GENESIS-San Diego With JLL And Newmark Reps
LEASEDOffice

AnaBios Leases Office Space In GENESIS-San Diego With JLL And Newmark Reps

1155 Island Avenue

Building Size

20,000 SF

Asset Type

Office

Closing

Mar 13, 2024

AI

The office property located at 1155 Island Avenue in San Diego was involved in a lease transaction. The property spans 20,000 square feet and serves as a part of the growing life science hub in downtown San Diego. The landlord, Neil Fox of Phase 3 Real Estate Partners, Inc, secured a new lease with AnaBios, a company offering high-quality human tissue and cell research services.

Summary of transaction details:

Phase 3 Real Estate Partners' announcement of AnaBios' lease in GENESIS-San Diego signifies the continued growth of downtown as a center for life science activities. This move further solidifies the building's standing, now at 50% occupancy, by attracting cutting-edge firms specializing in human tissue and cell research services.

Players

Grant Schoneman

JLL

Broker

$15.9M

vol

6 deals

Broker

San Diego Office Market Snapshot

Boundary boundary · Office · Lease transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

5.80%

Cash-on-Cash

-1.66%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93