B
uchanan Street Partners has listed a life science campus in Newark for an undisclosed price, after investing $46 million in the property. The Newport Beach-based investor acquired the two-building Newark Science Center at 8000-8100 Jarvis Avenue in 2020 for $26.2 million and spent $20 million on upgrades. At the time of purchase, the campus was 98% leased, but it now stands at 31.4% occupancy with an average remaining lease term of 1.37 years.

    The property is being marketed by JLL, which sees opportunities to either stabilize the site through business plans or redevelop it for residential use. The listing comes as the Bay Area's life sciences market faces a slump, with a 10.5% vacancy rate in the third quarter. However, venture capital investment in the sector is starting to rebound, with $35.4 billion invested year-to-date.

    Buchanan Street has a history of buying and selling properties in the Bay Area, often achieving high returns through renovations and resale. The firm previously sold a South San Francisco property for $423 per square foot after purchasing it for $230, but its Newark Science Center listing may not yield similar results.