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6/16/21
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GI Partners acquired Mt. Eden Research Park, a six-building, R&D / life sciences campus totaling 370k sf in Hayward. The asset was sold for $155 mil ($419/sf) by BentallGreenOak, who obtained $114 mil in financing for the deal.
Mt. Eden Research Park is located along the Central I-880 Corridor at 25801, 25821, 25841, 25861, 25881 and 25901 Industrial Blvd. The 24.75-acre site, at the base of the San Mateo-Hayward Bridge, has superior access to the Mid-Peninsula, Silicon Valley and East Bay and benefits from its close proximity to top research universities such as Berkeley and Stanford, as well as the highly educated labor pool in the surrounding area.
Mt. Eden presented a rare life sciences conversion opportunity with 54% of the 81%-leased property already occupied by biotechnology tenants, Illumina and RefleXion Medical. Completed between 1999 and 2001, the one- and two-story buildings feature eight roll-up doors and loading docks, 16’ to 22’ clear heights and parking for approximately 1,214 vehicles.
Will Connors, Rob Hielscher, Michael Leggett, Adam Lasoff, Erik Hanson, Daniel Renz, David Dokko and Michael Manas with JLL Capital Markets represented the seller and procured the buyer in the transaction. Kevin MacKenzie, Bruce Ganong, Brian Torp and Taylor Gimian, also with JLL, arranged the financing, which was funded through TPG Real Estate.
The Bay Area is the No. 2 Life Sciences Research Market nationally and boasts one of the densest concentrations of life sciences professionals in the U.S. Tenant demand for life sciences space is outpacing supply and demand drivers such as an aging population and increased focus on health not slowing down, will sustain demand for the foreseeable future.
“The amount of interest we received in Mt. Eden was truly astounding,” Hielscher stated. “Life sciences is currently one of the most in favor asset classes, and, with limited product available the properties that do come to market are receiving record pricing and interest from the investment community.”
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