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Healthpeak Properties, a real estate investment trust and S&P 500 company that owns and develops high-quality real estate for Life Science, Senior Housing, and Medical Office tenants, announced its plans to begin construction on the Sorrento Gateway development.
The development will take the form of a five-story building totaling roughly 163,000 square feet and will sit adjacent to Healthpeak’s Sorrento Gateway campus, which consists of three buildings, fully-leased and occupying 196,000 square feet.
According to Healthpeak’s announcement, Sorrento Gateway, located in the Sorrento Mesa submarket, is a purpose-built lab building that will offer, “cutting edge design, expansive views, excellent I-805 freeway accessibility, flexible and efficient floor plates, and access to fitness and dining amenities.”
“Strong market fundamentals and tenant relationships give us confidence to commence our next development in San Diego,” says Scott Brinker, President and Chief Investment Officer, “This project will allow us to meet the demand we are seeing from both existing and new tenants.”
Heathpeak has been investing in healthcare properties since 1985 and earned the S&P 500 index in 2008. Sorrento Gateway will be the company’s third San Diego ground-up development after two Torrey Pines submarket sites, The Boardwalk and Callan Ridge.
Sorrento Gateway, in all its glory, should break ground in the third quarter of 2021. Healthpeak projects initial occupancy to occur in the first quarter of 2023.