Clarion Partners Real Estate Income Fund Inc. (CPREIF) Enters San Diego Life Sciences Market with New Acquisition in Carlsbad, CA
Summary
San Diego is a top three U.S. innovation hub that’s dominated by R&D, life science and technology firms, including many leading pharmaceutical and biotechnology companies and a sizeable medical device and diagnostics community. Due to its strong talent base in science, technology, engineering and math (STEM) disciplines, Carlsbad continues to attract new tenants as well as established companies looking to further expand within the North County submarket. Fusion’s unique attributes, coupled with a strong tenant, reinforced our decision to add this particular property to our portfolio.” Constructed in 1996, the Fusion campus was renovated in 2020 and features amenities such as a landlord-owned solar panel roof system and ample parking, as well as a fitness center, electric vehicle chargers, fire pits, bocce ball and basketball courts, putting green, barbeque station and outdoor meeting amphitheater. With $71 billion in total assets under management, Clarion Partners offers a broad range of real estate strategies across the risk/return spectrum to its more than 500 domestic and international institutional investors. Through its specialist investment managers, the company offers boutique specialization on a global scale, bringing extensive capabilities in fixed income, equity, alternatives, and multi-asset solutions.