PCI Pharma Services

PCI Pharma Services sale leasback
Client
  • PCI Pharma Services
Space
  • 63,000 sq. ft.
Industry
  • Life Sciences
Locations
  • San Diego
Services Provided
  • Transaction Management
Cresa Team
  • Glenn Friedrich
  • Rich Porreco

Client Objectives

As part of a merger and acquisition with PCI Pharma Services, Inc. (“PCI Pharma”), the ownership for Sherpa Clinical Packaging, Inc. (“Sherpa”) sought to complete a sale/leaseback of their corporate HQ buildings located at 6146-6166 Nancy Ridge Drive. The specialized Life Science improvements that Sherpa had implemented throughout the buildings augmented their value to an educated

investor. Therefore, identifying the right buyer would be key in attaining the elevated sale price Sherpa and Cresa sought.

 

Cresa was brought in to (1) maximize the value of the properties by leveraging the specialized life science improvements of the asset, (2) efficiently market the opportunity to reduce time on market, (3) advise and represent Sherpa in the sale structure, (4) rank the buyer offer list, and (5) successfully close with a qualified investor.

Results

Cresa advised Sherpa that the team should pursue the longest possible lease term with the acquiring entity, PCI Pharma. This would maximize the value through a lower capitalization rate and produce a broader pool of interested buyers, nationwide. Cresa’s Capital Markets team quickly identified interested investors, eager to invest in and establish a footprint in San Diego’s burgeoning life sciences market.

 

Cresa and Sherpa teamed to negotiate and close a sale-leaseback transaction with PCI Pharma and the chosen investor. At the time of closing, the sale price represented a record high price per square foot for the Sorrento Mesa/Miramar submarket and a substantial increase above Sherpa’s initial objective. This transaction was the culmination of a longstanding and unified relationship between Cresa and Sherpa, dating back to the client’s business inception.

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