Another Alameda Portfolio Set to Convert to Life Science Use
As an exclusive adviser to Invesco Advisers Inc., Newmark recently arranged $99.235 million in financing to acquire and convert a newly developed 335,000-square-foot six-building portfolio in Alameda for life science use. PGIM Real Estate provided the floating rate bridge financing on behalf of its U.S. core-plus debt strategy to Invesco for the acquisition and lease-up.
Ramsey Daya and Chris Moritz of Newmark’s team helped arrange the financing on behalf of the owner.
“The East Bay has emerged as one of the most active life science submarkets in the Bay Area through the pandemic, drawing interest and demand from both tenants and capital, said Daya. “These conditions, coupled with the strong sponsorship, lead to a high level of interest from the lending markets for the opportunity.”
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-foot clear heights, dock high and at-grade doors as well as ample power, which position the assets for multiple life science uses from lab R&D to GMP manufacturing.
“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,” Moritz adds. “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.”