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11/09/22
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A five-building, 326k sf life sciences portfolio in the Bay Area Peninsula cities of South San Francisco and San Carlos has been refinanced in a $213.4 mil transaction. The assets are owned by an affiliate of GI Partners.
The portfolio consists of one building at 7000 Shoreline Ct in South San Francisco, two buildings at 341-343 Oyster Point Blvd in South San Francisco and two buildings at 75 and 125 Shoreway Rd in San Carlos. All three properties are located along U.S. 101, in one of the world’s strongest life sciences markets with excellent access to venture capital, intellectual capital and premier research-oriented universities such as Stanford and University of California, San Francisco.
Built or renovated between the years of 2001 and 2006, the portfolio offers Class A buildouts with an emphasis on quality and use flexibility. The buildings are fully operational today for research, manufacturing and biotechnology uses, offering lab space for both emerging and established tenants. The portfolio is fully leased with 4.3 years of weighted average lease team with 57% of the property’s rent roll comprising publicly traded companies.
Kevin MacKenzie, Brian Torp, Alex Witt and Samuel Godfrey with JLL Capital Markets Debt Advisory team arranged the seven-year, fixed-rate loan through a life insurance company. Loan proceeds were used to finance the assets acquired via a recent sale.
According to JLL’s 2022 Life Sciences Lab Real Estate Outlook, venture funding continues to explode in the Bay Area and as a result South San Francisco and San Carlos are ranked among two of the strongest life sciences submarkets in the country with just a two percent vacancy rate.
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