The sold property houses the headquarters offices of Glaukos as well as their primary R&D facilities.
The campus consists of three newly refurbished buildings comprising 159,746sft and fully let to Glaukos Corporation, an ophthalmic medical technology and pharmaceutical company focused on novel therapies for the treatment of glaucoma, corneal disorders, and retinal diseases.
Glaukos was the first company to introduce Micro-Invasive Glaucoma Surgery (MIGS), the micro-invasive procedure which revolutionized the treatment and management of glaucoma.
The Property was acquired in June-2020 as part of Arzan Wealth's yielding asset platform with an objective of producing an average annual yield of 9.15% to investors, and an IRR of around 10.7% over a five-year holding period.
Arzan Wealth advised on the exit of this investment at a price that far exceeded initial expectations, and which reflected the success of Arzan Wealth in acquiring the asset at a good price in the midst of the coronavirus pandemic, and the ensuing stabilization of capital markets during 2021.
Muhannad Abulhasan, CEO of Arzan Wealth said:
“The Glaukos new HQ campus is a unique opportunity and high-quality asset offering strong cash flows and solid rental growth, making it an attractive long-term asset for the new buyer.
We are delighted to have been able to significantly exceed our investors’ expectations in a short holding period, and deliver very strong returns to our loyal investors.
This exit, which is one of several profitable divestments Arzan Wealth has achieved during 2021, ensures our commitment to our investors and our dedication to always working hard on their behalf, to maximize returns and to minimize risks.
As always, our primary objective at Arzan Wealth continues to be the protection of our clients’ wealth and legacies, by reducing risks and diversifying income sources for them and their future generations”.