Regions West | San Diego
Nov 1, 2007
By: Tonie Auer, Southwest Correspondent
San Diego-based Neurocrine Biosciences Inc. has entered into a $108 million sale-leaseback agreement with San Diego-based Veralliance Properties for its real estate assets.
As part of the deal, Neurocrine will lease back its corporate headquarters (pictured) under a 10-year term. Neurocrine has options to repurchase all of the properties included in the transaction during the term of the lease. Neurocrine anticipates that it will receive approximately $60 million net of fees, expenses and existing indebtedness.
Neurocrine Biosciences plans to use the proceeds to advance its clinical and research programs, according to company information.
In July, Veralliance acquired Campus Point, a two-story 441,000-square-foot office building located on approximately 42 acres in Campus Point, Calif. Kyocera Wireless Corp, the building's only tenant, is leasing 42 percent of the building through June 30, 2008, and the entire building is available for lease. VPI is contemplating renovations for the building to accommodate office and/or lab tenants. Campus Point is one of the few University Towne Center properties able to accommodate large tenants with potential for growth.
Neurocrine Biosciences Inc. is a product-based biopharmaceutical company focused on neurological and endocrine diseases and disorders.
Veralliance Properties, Inc., is a corporate real estate solutions company focused on real estate acquisitions, development and management in the Southern California market with an emphasis on office, life science and self-storage real estate.
By: Tonie Auer, Southwest Correspondent
San Diego-based Neurocrine Biosciences Inc. has entered into a $108 million sale-leaseback agreement with San Diego-based Veralliance Properties for its real estate assets.As part of the deal, Neurocrine will lease back its corporate headquarters (pictured) under a 10-year term. Neurocrine has options to repurchase all of the properties included in the transaction during the term of the lease. Neurocrine anticipates that it will receive approximately $60 million net of fees, expenses and existing indebtedness.
Neurocrine Biosciences plans to use the proceeds to advance its clinical and research programs, according to company information.
In July, Veralliance acquired Campus Point, a two-story 441,000-square-foot office building located on approximately 42 acres in Campus Point, Calif. Kyocera Wireless Corp, the building's only tenant, is leasing 42 percent of the building through June 30, 2008, and the entire building is available for lease. VPI is contemplating renovations for the building to accommodate office and/or lab tenants. Campus Point is one of the few University Towne Center properties able to accommodate large tenants with potential for growth.
Neurocrine Biosciences Inc. is a product-based biopharmaceutical company focused on neurological and endocrine diseases and disorders.
Veralliance Properties, Inc., is a corporate real estate solutions company focused on real estate acquisitions, development and management in the Southern California market with an emphasis on office, life science and self-storage real estate.
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