Alexandria Real Estate Equities recently completed the recapitalization of an existing real estate joint venture for 9625 Towne Centre Dr. in San Diego’s University Town Center submarket. The REIT and its former JV partner sold a 70% interest at a total property valuation of $160.5 million and 4.5% cap rate, resulting in Alexandria’s share of the sales price being $32.3 million and its ownership interest decreasing from 50.1% to 30%. Despite this decrease, Alexandria retains operating control while their former JV partner exited the investment entirely
The 163,648 square foot purpose-built Class A life science facility was redeveloped by Alexandria in 2017 before being delivered to Takeda as one of their three global R&D centers in 2018; it is home to four research platform groups: structural biology, computational biology, early target discovery and biologics
This recapitalization marks another successful transaction for both parties involved with this asset located within San Diego’s University Town Center submarket
