JLL Acquires Two Life Sciences Properties in Durham for $67M
JLL Income Property Trust has acquired 5 & 47 National Way, two life sciences properties located in Durham, NC. The properties total approximately 375,000 square feet and are each 100% leased to life science tenants. The purchase price was approximately $67 million.
“Healthcare-focused properties, including life sciences, continue to be an area of focus for us as we look to capture the property type’s nearly unparalleled leasing demand and long-term value,” said Allan Swaringen, president and CEO of JLL. “The (properties’) tenants have also shown their commitment by investing, approximately, a combined $180 million in property upgrades to create world-class laboratory facilities.”
Both properties were constructed in 2020 and include improvements such as labs, clean and cold rooms, specialized sanitation stations and specialized water and power upgrades. The properties are adjacent to Research Triangle Park, the largest dedicated scientific research park in the U.S., and a primary economic driver in the Raleigh-Durham area.
Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group.
When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as he makes the transition from an utterly failed racehorse to a lovely show hunter.