Life Science Development Acquired for $130M

Ventas Inc. acquired a life science, research and medical campus in Providence, RI from Blackstone Real Estate Partners VIII LP for $130 million. The Chicago-based Ventas ended up with a 269,000-square-foot underway-renovation of South Street Landing (SSL), which will be used for academic administration and educational purposes, and a new garage.

SSL, on Eddy Street in downtown Providence, is a $220 million redevelopment project that is 100% leased to Brown University and the Nursing Education Center, an initiative between Rhode Island College and University of Rhode Island’s nursing programs. The first phase is expected to be completed by summer 2017.

Ventas paid an additional $21 million for adjacent sites targeted for development and redevelopment in conjunction with university and research company demand.

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