
Alexandria Recapitalizes Takeda R&D Center in San Diego’s UTC Submarket
Alexandria Real Estate Equities 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 for the asset completed the sale of a 70% interest at a total property valuation of $160.5 million and a 4.5% cap rate.
The purpose-built, Class A life science facility comprises 163,648 square feet that Alexandria redeveloped in 2017 and delivered to Takeda in 2018 as one of its three global R&D centers. It’s home to four research platform groups: structural biology, computational biology, early target discovery and biologics.
As a result of the recapitalization, Alexandria’s share of the sales price was $32.3 million and its ownership interest in the property decreased from 50.1% to 30%. The company retains operating control, while the former JV partner exited the investment entirely.
- ◦Sale/Acquisition