The University of Miami Life Science and Technology Park will sell for a reported $220.3 million when Ventas Inc. closes on its massive portfolio at the end of this year.
Wexford Science & Technology, which is owned by the Blackstone Group, entered into a contract this month to sell the building at Northwest Seventh Avenue and Northwest 20th Street. A report from Real Capital Analytics shows the sale price for the UM park, which was not part of Ventas’ earlier announcement, comes out to $220.3 million, or $874 per square foot.
Chicago-based Ventas, a healthcare real estate investment trust, announced earlier this month that it was acquiring all of Wexford’s life science and medical real estate assets, a 25-property portfolio, for a total of $1.5 billion.
The UM park is among those properties. Wexford Miami, an affiliate of the Baltimore-based company, completed the 252,000-square-foot building in 2011. Wexford currently leases the 9-acre site from UM, and the building’s tenants include both university-related research uses and private companies in life sciences, technology and other startup fields. Among them are the Diabetes Research Institute, Tissue Bank, Bionucleonics and eLandia Group.
Ventas will enter into a long-term agreement that will keep Wexford on to manage the portfolio, according to the announcement.
The deal is expected to close during the fourth quarter of this year. It includes 23 operating properties totaling 4.1 million square feet, are 97 percent leased to a majority of tenants with “excellent credit,” including 11 universities, investment grade companies and public companies. The other two assets have yet to be developed, but will total about 400,000 square feet and will be leased to Duke University and Wake Forest University affiliates. Ventas will assume $33 million in debt as part of the total acquisition, according to the announcement.
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