A Santa Clarita office-and-lab facility that houses Quest Diagnostics Inc. has sold for $96 million.
The 226,400-square-foot, Class A property, at 27027 Tourney Road, was purchased by New York real estate investor American Realty Capital Global Trust, Inc., which acquires single-tenant properties.
The seller was Clarion Partners, a New York investment fund that bought the property in 2004. The deal closed in December and was announced this week.
“Their original plan was to hold it for five to 10 years. That, plus having 10 years left on the lease term in today’s low-interest-rate environment, made it a good time to sell,” said Michael McCann, managing director at the Irvine office of brokerage HFF, which represented Clarion.
Quest’s nearly 750 employees use robotic devices to do diagnostic testing and clinical trials at the state-of-the-art lab that occupies two-thirds of the building and operates round-the-clock. The location and a similar facility in San Juan Capistrano carry out most of the Madison, New Jersey company’s West Coast operations.
The 14-acre parcel, adjacent to the 5 Freeway, went on the market in September, McCann said, generating substantial investor interest.
“This is a very strong location that is clearly important to the tenant, which has investment-grade credit,” he said.
The HFF investment sales team was led by senior managing director Ryan Gallagher, along with McCann, director Andrew Harper and associate director Nick Foster.