Healthpeak Properties Announces New Life Science Development - Sorrento Gateway - in San Diego
Healthpeak Properties (NYSE: PEAK) has announced the construction of its Sorrento Gateway project in San Diego, consisting of a five-story, 163,000 square foot lab building. This development is part of Healthpeak's strategy to expand its portfolio in response to strong market demand and enhance tenant relationships. Following two successful projects since 2020, construction is set to begin in Q3 2021 with expected occupancy by Q1 2023. The project will feature modern design, ample amenities, and excellent accessibility.
- Strong market fundamentals support the new development.
- Third ground-up project in San Diego indicates growth strategy success.
- Project aims to meet demand from existing and new tenants.
- Forward-looking statements highlight risks of delays in development and potential cost overruns.
DENVER, June 7, 2021 /PRNewswire/ -- Healthpeak Properties, Inc. (NYSE: PEAK) announced today that it will commence construction of its Sorrento Gateway development located in the Sorrento Mesa submarket of San Diego. This Class A development will consist of a five-story building totaling approximately 163,000 square feet located adjacent to Healthpeak's fully-leased three-building, 196,000 square foot Sorrento Gateway campus. The purpose-built lab building will feature 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. This project will allow us to meet the demand we are seeing from both existing and new tenants," said Scott Brinker, President and Chief Investment Officer.
Sorrento Gateway will be Healthpeak's third ground-up development in San Diego since 2020, following the successful pre-leasing of The Boardwalk and Callan Ridge campuses in the Torrey Pines submarket. The project is expected to break ground in Q3 2021 and is anticipated to be delivered for initial occupancy in Q1 2023.
ABOUT HEALTHPEAK
Healthpeak Properties, Inc. is a fully integrated real estate investment trust (REIT) and S&P 500 company. Healthpeak owns and develops high-quality real estate in the three private-pay healthcare asset classes of Life Science, Medical Office and CCRCs. At Healthpeak, we pair our deep understanding of the healthcare real estate market with a strong vision for long-term growth. For more information regarding Healthpeak, visit www.healthpeak.com.
FORWARD-LOOKING STATEMENTS
Statements in this release that are not historical factual statements are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements include those regarding the development of Sorrento Gateway. All forward-looking statements are made as of the date hereof, are not guarantees of future performance and are subject to known and unknown risks, uncertainties, assumptions and other factors — many of which are out of Healthpeak's and its management's control and difficult to forecast — that could cause actual results to differ materially from those set forth in or implied by such forward-looking statements. These risks and uncertainties include but are not limited to: Healthpeak's ability to commence and complete the development, or portions thereof, in the contemplated timeframes or at all; the risk that Healthpeak may not be able to achieve the benefits of the development within expected timeframes or at all, or within expected cost projections; and other risks and uncertainties described from time to time in Healthpeak's Securities and Exchange Commission filings. You should not to place undue reliance on any forward-looking statements. Healthpeak assumes no, and hereby disclaims any, obligation to update any forward-looking statements as a result of new information or new or future developments, except as otherwise required by law.
CONTACT
Andrew Johns
Vice President – Corporate Finance and Investor Relations
720-428-5400
View original content to download multimedia:http://www.prnewswire.com/news-releases/healthpeak-properties-announces-new-life-science-development--sorrento-gateway--in-san-diego-301307102.html
SOURCE Healthpeak Properties, Inc.
FAQ
What is the Sorrento Gateway project announced by Healthpeak Properties?
When is the Sorrento Gateway project expected to break ground?
When will the Sorrento Gateway project be completed?
What are the key features of the Sorrento Gateway project?
What are the potential risks mentioned in the press release about PEAK's new development?
