Atlanta & Southeast News In Your Inbox
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Fortress Pays $226.5M for 1.5M-SF Raleigh Life Sciences Campus
Trinity Capital Advisors and Starwood Capital Group sold the 1.5 million square foot Spark LS campus near Raleigh for $226.5 million to Fortress Investment Group. The Triangle Business Journal reports the sale follows Trinity and Starwood signing Millennium Print Group for 1.27 million square feet of space at the campus. The deal was a net lease transaction, where Fortress entered into a rental agreement with the tenant simultaneously. Millennium Print Group, a subsidiary of The Pokemon Company International of Japan, makes Pokemon cards. It signed a 20-year lease with options to renew for a total of 20 more years.
Fortress acquired a $111.1 million loan from Bank of America (NYSE: BAC) to help finance the acquisition.
The sale is for six parcels, which include two advanced manufacturing buildings, an amenity building and undeveloped land. Those properties are 440 and 549 Spark View Drive and 4773, 4825, 4921 and 4965 McCrimmon Parkway.
Fortress has around $50 billion in assets under management.
