Park Point, a renovated campus in RTP, sells for $288MDate Published:
A renovated life science campus in Research Triangle Park has been sold in a $288 million deal just a few years after selling for $37 million.
The 95-acre campus, which is comprised of five buildings, is known now as Park Point, and was bought by CBRE Investment Management on behalf of a separate account client, according to a statement.
A deed filed in Durham County last Friday indicates the deal between CBRE and the grantor, a joint venture that includes Starwood Capital Group, indicates that the deal was for more than $288 million, based on the excise tax paid upon the sale. The grantee listed on the deed is Knickerbocker Park Point LLC.
“Today’s life sciences end-users have very specific and sophisticated needs for lab and research spaces,” said Sondra Wenger, Head of Americas Commercial Operator Division for CBRE Investment Management in a statement. “We believe that Park Point meets those needs and fits well with our investment strategy as this uniquely amenitized asset benefits from its location within Raleigh-Durham’s Research Triangle Park with solid economic fundamentals, a strong base of scientific talent, and proximity to leading education and medical institutions.”
After less than three years, the renovations to the campus include a fitness center, café, athletic fields and walking trails, and a conference center. Plus, more than 662,000 square feet of flex and office space for life science tenants, including Charles River, which expanded to RTP last year, moving about 100 employees from its former Morrisville location.
CBRE noted that electric vehicle charging stations will soon be installed at the property, and that the campus has new, more energy-efficient systems.
“Put simply, this asset is in the right location, will attract the right end-users and offer the right user experience – one that features plenty of shared space, flexibility, technology and wellness options,” said Wenger.
Previously, Nortel operated from the property, which is located at 4001 NC Highway 54 in Durham.
DEVELOPERS GET BIG PAYDAY
Following the acquisition of the property for $37 million by Starwood, the firm alongside Trinity Capital Advisors, and Vanderbilt Partners in a joint venture, the development group invested more than $100 million into renovating the campus and its facilities.
The aim was to bring a “highly amenitized campus” that included fields, trails, indoor and outdoor gathering areas, and office and work space that would attract life science tenants.
“With the Park Point project, we are not only growing our footprint in this dynamic region, we are also taking advantage of a distinctive opportunity to expand into the life science market,” said Jeff Sheehan, partner at Trinity Capital, in a statement in 2019.
Original Article Source: WRAL TechWire