Biotech Firm Sells Surplus Property

SAN DIEGO-In a deal illustrating the whetted appetite for property that’s shelf-ready for the county’s booming biotechnology sector, a Torrance based biotech company has sold a 17,700-sf building at 6868 Nancy Ridge Drive in a deal valued at around $2.4 million.

A partnership of the Collins Land Company, Canta Rana Ranch and Willis M. Allen Sr., under the leadership of Sorrento Valley-based Collins Development Company, bought the building from Bachem Inc.

Bachem operated a peptides manufacturing plant at the site until late 2000. At that time, the Swiss firm purchased a larger peptide manufacturing business in San Carlos and the San Diego facility became surplus.The building will be renovated and suites will be built for biotech use and research.

Both parties were represented by Bill Haines and David Odmark of BRE Commercial/NAI. The title and escrow were handled by Mary Heath of Chicago Title’s Mission Valley office.