San Diego Firm Gets $149M in Refinancing for UTC Life Science Campus

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San Diego-based Phase 3 Real Estate Partners Inc. has secured $149 million in refinancing for its Genesis Campus Point life sciences campus in University Town Center, marking the second major refinancing this year across the company’s California portfolio. In March, Phase 3 obtained nearly $385 million in refinancing for its Genesis North and South Towers in South San Francisco, also home to office and laboratory tenants in the life sciences industry, according to HFF, which arranged both financing packages for the owner.

The latest activity involved the three-building Genesis Campus Point, spanning a total of 314,135 square feet at 4224 and 4242 Campus Point Ct. and 10210 Campus Point Dr. in San Diego’s UTC submarket. CoStar Group data indicates that Phase 3 Real Estate Partners acquired the UTC buildings, originally constructed in the 1980s, for approximately $52.4 million in April 2015, from Irvine-based Greenlaw Partners.

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