Scripps Health buys Carmel Valley corner for $ 23 million

San Diego-based healthcare provider Scripps Health recently purchased the 3.8-acre land on the corner of El Camino Real and Townsgate Drive in Carmel Valley from Alexandria Real Estate Equities for $ 22.9 million, according to public archives.
The transaction, which was registered with the county assessor’s office in March, means that the property that was previously slated to become a life science center is now being considered an outpatient facility for the organization of nursing care. health nonprofit.
âScripps Health purchased a property at 12805 El Camino Real to use it as a future outpatient site,â said Janice Collins, spokesperson for Scripps. âWe are in the very early days of planning for this site. “
Adjoining downtown Del Mar Highlands and across from One Paseo, the currently vacant lot is known as the ‘Pell’ property, a reference to the last name of its longtime owners.
Biotech builder Alexandria, which owns 81 properties in the San Diego area, bought the site in 2018 for $ 16.4 million. The real estate company planned to erect a six-story laboratory and a parking lot. It was undergoing a community plan modification process to allow for research and development facilities on a site zoned for traditional office use.
Founded in 1924 by philanthropist Ellen Browning Scripps, Scripps Health operates four hospitals and 28 outpatient centers. The nonprofit reported sales of $ 3.3 billion in the fiscal year ending September 30, 2019.
It is not clear whether the intended medical use will require a land use change. However, the purchase includes a first right of refusal for Alexandria, which means the company would gain early access to the site if Scripps Health decides to sell it within the next 10 years.
Alexandria did not respond to a request for comment.