Torrey Pines Science Center
Torrey Pine Science Center is located at Genessee Avenue and North Torrey pines Road in the City of San Diego and an 85-acre master planned biotechnology business park. At the time of Kearny’s purchase it was home to a 175,000 sf facility for Ligand Pharmaceuticals and a 160,000 sf facility for Neurocreine Biosciences.
In May of 1996 Kearny acquired the remaining 48 acres of Torrey Pines Science Center from Chevron Land and Development Company as part of a $300 million portfolio acquisition. The property is located within San Diego’s primary biotechnology sub-market.
Kearny quickly completed $1.2 million in remaining infrastructure improvements, and utilizing existing relationships effectively marketed and sold all 19 completed lots to local biotech companies and developers for a total of $31 million within 18 months, more than doubling Kearny’s investment.