{"id":1004542189,"date":"2021-07-06T04:04:03","date_gmt":"2021-07-06T12:04:03","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004542189"},"modified":"2022-12-08T11:15:56","modified_gmt":"2022-12-08T19:15:56","slug":"bay-area-life-sciences-project-trades-for-177m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/bay-area-life-sciences-project-trades-for-177m\/","title":{"rendered":"Bay Area Life Sciences Project Trades for $177M"},"content":{"rendered":"
\"\"<\/a>

Image by Michal Jarmoluk via Pixabay<\/p><\/div>\n

The Florida State Board of Administration has acquired Brittan West, an approximately 174,000-square-foot life sciences project in San Carlos, Calif., according to The Registry. Premia Capital and Prince Street Partners are behind the development of the cutting-edge, San Francisco Bay Area property.<\/p>\n

Brittan West is taking shape in San Mateo County at 1091 Industrial Road, which had been home to a 40,000-square-foot industrial building that last changed hands in the second quarter of 2019, when Premia acquired it in a $15 million transaction.<\/p>\n

\n

READ ALSO:<\/strong> Where Are the Next Life Sciences Hubs?<\/a><\/p>\n

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The SBA has had its eye on life sciences as a viable sector for real estate investment since the COVID-19 pandemic changed life as everyone knew it in the U.S. in March 2020.<\/p>\n

“The way we live, work and play, very visibly affects demand for and the use of real estate. The way we live, work and play has changed dramatically since March,” Steve Spook, senior investment officer, Real Estate, with the Florida State Board of Administration, said during the SBA’s Investment Advisory Council Meeting on December 15, 2020.<\/p>\n

“Property types that have seen positive demand and\/or favorable investor sentiment as a result of these evolving consumption and behavior patterns include industrial, data centers, life sciences<\/a>, medical office buildings, self-storage, single family for rent and certain types of multifamily,” Spook noted.<\/p>\n

In the SBA’s real estate portfolio sector allocation report, released on Jun 29, 2021, among the list of principal investments is a “life science” acquisition for $177 million, including $80 million in equity.<\/p>\n

Looking the part<\/strong><\/h2>\n

Architecture firm Brick is the designer of Brittan West, which will stand three stories and offer below-ground parking space. The wood, glass and concrete building will feature a lab suite with lab stations, in addition to lab support space, as well as both open office space and closed offices, and several multi-use\/conference rooms. Brittan West’s list of extras will include an outdoor amenity terrace, a fitness facility and such sustainable offerings as bio-retention planters.<\/p>\n

Premia and Prince Street had tapped JLL to handle marketing for Brittan West. SBA has not made the roles of Premia, Prince Street and JLL going forward clear; however, The Registry reports that Premia and Prince have retained an ownership interest in the asset. Brittan West is on track to deliver in 2023, according to JLL\u2019s website.<\/p>\n

Positive signs in Bay Area’s life sciences sector <\/strong><\/h2>\n

The Florida SBA didn’t just pick a solid real estate sector when it chose to invest in life sciences<\/a> and Brittan West\u2014it chose a thriving market within a solid real estate sector.<\/p>\n

“The life science industry continues to be very robust in the Bay Area, despite the ongoing impact of the COVID-19 pandemic,” according to a first quarter 2021 report by Kidder Mathews. “Life science activity continues to be dominant in San Mateo County, with this area reporting 1.05 million square feet of gross absorption and 460,486 square feet of positive net absorption,” the report noted.<\/p>\n

The forecast for the Bay Area calls for the optimistic fundamentals to continue. The coming quarters are primed for yet more absorption, reduction in vacancies and rising rental rates. Additional developments are on the horizon as well. Among the projects currently underway in the Bay area is Phase 3 Real Estate Partners Inc. and Bain Capital Real Estate’s 570,000-square-foot Genesis Marina, which landed $400 million in construction financing<\/a> in May.<\/p>\n

<\/p>\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

The Florida State Board of Administration\u2019s most recent acquisition in the sector is a cutting-edge property set for completion in 2023.<\/p>\n","protected":false},"author":969,"featured_media":1004542190,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21783,21754,21742,1609,15],"tags":[51169,32796,51172,51171,51168],"class_list":["post-1004542189","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-investment","category-medical-office","category-latest","category-san-francisco","category-west","tag-brick","tag-jll","tag-premia-capital","tag-prince-street","tag-the-florida-state-board-of-administration"],"acf":[],"yoast_head":"\nBay Area Life Sciences Project Trades for $177M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/bay-area-life-sciences-project-trades-for-177m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bay Area Life Sciences Project Trades for $177M\" \/>\n<meta property=\"og:description\" content=\"The Florida State Board of Administration\u2019s most recent acquisition in the sector is a cutting-edge property set for completion in 2023.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/bay-area-life-sciences-project-trades-for-177m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2021-07-06T12:04:03+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T19:15:56+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/07\/Research-lab-space.-Image-by-Michal-Jarmoluk-via-Pixabay.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Barbra Murray\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/bay-area-life-sciences-project-trades-for-177m\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/bay-area-life-sciences-project-trades-for-177m\/\",\"name\":\"Bay Area Life Sciences Project Trades for $177M - 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