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| Jessica Brock |
CHARLOTTE, NC, Aug.1, 2019 – JLL announces that it has closed on the sale of a core life science portfolio located in the heart of the Research Triangle, North Carolina, one of the top innovation hubs in the U.S.
“The RTP portfolio has played a key role in positioning Longfellow as the market leader in the Class A life sciences and tech space,” said Longfellow Partner Jessica Brock. “We are excited to continue our long running association with these premier assets.”
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| Ryan Clutter |
The 1.34 million-square-foot portfolio, consisting of 18 buildings on four campuses, has been sold to an affiliate of Longfellow Strategic Value Fund, LLC, in a transaction valued at approximately $405 million.
JLL marketed the portfolio on behalf of the seller, Bain Capital Real Estate, and procured the buyer, Longfellow Real Estate Partners in its Longfellow Strategic Value Fund.
The portfolio consists of 18 buildings located within Keystone Technology Park and Imperial Center for a total of 1,336,560 square feet.
Currently 94% leased, the portfolio boasts a diverse, intellectual tenant roster with 51% of tenants housing mission critical operations on site.
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| Chris Norvell |
The buildings feature a dynamic STEM ecosystem with state-of-the-art buildouts and robust amenities, including fitness centers, outdoor amenity space and lounges.
The portfolio benefits from its location in and adjacent to the world-renowned Research Triangle Park, which is home to some of the world’s leading life science innovators and was recently ranked one of the top five life science clusters in the nation.
It has 12 nearby colleges and universities, which combined produce the most life science doctorates in the nation.
Additionally, the portfolio is positioned along the Interstate 40 corridor providing excellent access to a network of major transportation thoroughfares and the Raleigh-Durham International Airport.
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| Zack Drozda |
Longfellow already has a successful history with the properties since they previously owned, leased, refurbished, and/or managed all of them with Bain and other investment partners. In addition, Longfellow is developing the nearby Durham Innovation District (aka Durham.ID).
The JLL Capital Markets team representing the seller consisted of Managing Director Scot Humphrey, Senior Managing Directors Ryan Clutter, Chris Norvell and Coleman Benedict, and Director Zack Drozda.
“The Research Triangle life science portfolio presented a rare opportunity for a buyer to acquire a critical mass of high-quality life science properties in a top-tier innovation market,” Humphrey said.
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| Coleman Benedict |
“This was a set of buildings that were aggregated and transformed into one of the most sought-after offerings we have ever had the pleasure of working on.”
“Raleigh-Durham continues to be a thriving market for institutional investment capital while also emerging as a premier life science economy in the U.S.,” Clutter added.
“More and more investors are targeting the life science sector as they see a sticky tenant base and the potential to achieve outsized returns.
"As Raleigh continues to establish itself as a major life science node, the market will only attract more and more capital to similar opportunities.”
Deal secured by Holliday Fenoglio Fowler LP (“HFF”) prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas, Inc.
Ryan Clutter, JLL Senior Managing Director
North Carolina License No: 172952
Phone: +1 704 526 2800
Coleman Benedict, JLL Senior Managing Director
Limited Nonresident Commercial Real Estate Broker
Phone: +1 617 338 0990
Kristen Murphy, JLL Director, Public Relations
Phone: +1 617 338 0990
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