Done Deals: Advanced pharmaceutical facility in Raleigh-Durhams, NC sells

Saturday, July 20, 2024

Advanced pharmaceutical facility in Raleigh-Durhams, NC sells

Sarah Holloway

RALEIGH, NC, July 19, 2024 – JLL Capital Markets brokered the sale of 4018 Stirrup Creek, a 95,620-square-foot, state-of-the-art contract development and manufacturing facility located in Raleigh-Durham, North Carolina.

Ryan Clutter

JLL represented the seller, Stirrup Creek LLC. A joint venture between South Duvall and Alidade Capital acquired the property.

Built in 2017, the fully leased facility serves as the headquarters and primary manufacturing site for MedPharm, a leading contract development and manufacturing organization (CDMO) in topical drug delivery systems.

Strategically located adjacent to Research Triangle Park, the geographic epicenter of North Carolina’s life sciences industry, the facility is proximate to a highly educated workforce, executive housing and major life science companies.

Daniel Flynn

Its proximity to Interstate 40 and 540 ensures easy access throughout the Triangle region and is only 10 minutes from Raleigh-Durham International Airport. The location also offers convenient access to dining, shopping and entertainment options such as The Hub RTP.

CJ Liuzzo

The JLL Capital Markets team representing the seller included Senior Managing Director Ryan Clutter, Senior Director Daniel Flynn, Director CJ Liuzzo, Associate Sarah Holloway and Analyst Chris Walker.

JLL Capital Markets team of Senior Managing Director Jim Meisel, Senior Director Dave Baker and Analyst Chetan Dokku arranged the joint venture between South Duvall and Alidade Capital.

Chris Walker

According to JLL’s 2023 Life Sciences Industry and Perspective Report, Raleigh-Durham ranked in the top five life science clusters in the United States. The market is strengthened by its leading presence within the biomanufacturing sector, critical mass of skilled workers and contributions from three tier-one universities, resulting in a robust innovation ecosystem appealing to startups and mature companies alike.

Jim Meisel

“The life science investment landscape has changed dramatically over the past 18 months however, 4018 Stirrup Creek provided a unique opportunity to acquire a state-of-the-art CDMO facility with stable, long-term cash flow to a reputable tenant,” said Flynn.

“Raleigh-Durham remains a #1 target for investors and tenants focused on biomanufacturing, “tough tech” uses and other transformative technology with access to a unique highly trained workforce.”

Dave Baker

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers.

The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization.

The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.