9625 Towne Centre Drive. Picture courtesy of Alexandria Actual Property Equities
Alexandria Actual Property Equities has recapitalized a three way partnership which owns 9625 Towne Centre Drive, a San Diego life science asset. The analysis facility was purpose-built for Takeda Pharmaceutical Co.
Alexandria and Nuveen offered a 70 p.c curiosity within the property at a complete valuation of $160.5 million or $981 per rentable sq. foot, at a capitalization fee of 4.5 p.c. Nuveen totally divested its shares within the asset.
Following the transaction, Alexandria’s possession stake decreased from 50.1 to 30 p.c whereas retaining working management of the power. Sale proceeds, totaling $32.3 million, will probably be reinvested within the REIT’s growth pipeline.
A LEED Gold-certified facility
The 163,648-square-foot, LEED Gold-certified property got here on-line on some 7 acres in 2019. Alexandria developed the three-story constructing by teaming up with Marshall Andrews and DPR Building as common contractors, whereas LPA Design Studios served as architect. The mission concerned the primary large-scale use of cross-laminated timber in San Diego and 27.6 p.c of the development prices have been funded by inexperienced bonds proceedings.
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The constructing homes specialised gear and contiguous, built-in non-technical workflow house supporting Takeda’s scientific analysis pipeline, Daniel Ryan, co-chief funding officer & regional market director at Alexandria, stated in ready remarks. The property is one among Takeda’s three international facilities, conducting analysis into debilitating gastrointestinal and neurological illnesses.
Located in San Diego’s College Metropolis neighborhood, the life science constructing is near quite a few analysis & growth firms similar to Bionano Genomics, Tanabe Analysis Laboratories, Epic Sciences and Genomatica, to call just a few.
Along with the Bay Space, San Diego stays one of many West Coast’s high life science markets. In Might, Sterling Bay and Harrison Road obtained $265 million in building financing for a five-building mission within the Sorrento Mesa submarket.
