TPG Bets $96M on Biotech

TPG Real Estate Finance Trust, an arm of TPG Capital, has pumped $96.4 million in financing to transform a San Diego property into a biotech park. The complex, in the city’s University Towne Center, is currently made up of four vacant buildings.

Phase 3 Real Estate Partners is the developer, and HFF arranged the financing. Named Genesis at Campus Point, the new bio-tech park totals 311,022 square feet, with two and four stories. The buildings were reportedly purchased from Walton Street Capital and Greenlaw Partners.