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6/08/21
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Invesco Advisers Inc acquired a newly developed, 335k sf, six-building portfolio in Alameda, with plans to convert the property into state-of-the-art life science use. The deal is being financed with a loan for $99.235 mil to be used for the purchase and the conversion project.
Located on Alameda’s Bay Farm Island at 1410-1430 Harbor Bay Rd and 1955-2115 North Loop Rd, the properties feature 24' to 28' clear heights, dock high and at-grade doors as well as ample power, which position them for multiple life science uses, from lab R&D to GMP manufacturing (according to “Good Manufacturing Process” regulations set by the U.S. Food and Drug Administration).
Ramsey Daya and Chris Moritz of Newmark’s Debt & Structured Finance team helped arrange the financing, which was placed with PGIM Real Estate. According to Newmark, the properties are zoned for manufacturing and research and development, allowing for a wide variety of life science uses in one of the most prominent and active life science clusters in the United States.
“Invesco’s acquisition will allow them to take advantage of the maturation of the Bay Area life science industry that span the breadth of medical, agricultural and industrial technologies,” noted Moresco. “As companies focus on quality assurance and onshoring, domestic GMP facilities have become critical for companies to manage their throughput and fuel their growth. This project is no exception and is set to become one of the most state-of-the-art facilities in East Bay.”
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