{"id":1004669106,"date":"2023-06-23T02:34:41","date_gmt":"2023-06-23T10:34:41","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004669106"},"modified":"2023-06-27T07:55:39","modified_gmt":"2023-06-27T15:55:39","slug":"alexandria-nuveen-sell-majority-stake-in-161m-san-diego-asset","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/alexandria-nuveen-sell-majority-stake-in-161m-san-diego-asset\/","title":{"rendered":"Alexandria, Nuveen Sell Majority Stake in $161M San Diego Asset"},"content":{"rendered":"
\"\"

9625 Towne Centre Drive. Image courtesy of Alexandria Real Estate Equities<\/em><\/p><\/div>\n

Alexandria Real Estate Equities<\/strong> has recapitalized a joint venture which owns 9625 Towne Centre Drive, a San Diego life science asset. The research facility was purpose-built for Takeda Pharmaceutical Co.<\/strong><\/p>\n

Alexandria and Nuveen<\/strong> sold a 70 percent interest in the property at a total valuation of $160.5 million or $981 per rentable square foot, at a capitalization rate of 4.5 percent. Nuveen fully divested its shares in the asset.<\/p>\n

Following the transaction, Alexandria\u2019s ownership stake decreased from 50.1 to 30 percent while retaining operating control of the facility. Sale proceeds, totaling $32.3 million, will be reinvested in the REIT’s development pipeline.<\/p>\n

A LEED Gold-certified facility<\/h2>\n

The 163,648-square-foot, LEED Gold-certified property<\/a> came online on some 7 acres in 2019. Alexandria developed the three-story building by teaming up with Marshall Andrews and DPR Construction as general contractors, while LPA Design Studios served as architect. The project involved the first large-scale use of cross-laminated timber<\/a> in San Diego and 27.6 percent of the construction costs were funded by green bonds proceedings.<\/p>\n

\n

READ ALSO:<\/strong> Getting Into the Heads of Life Science Clients<\/a><\/p>\n

\n

The building houses specialized equipment and contiguous, integrated non-technical workflow space supporting Takeda\u2019s scientific research pipeline, Daniel Ryan, co-chief investment officer & regional market director at Alexandria, said in prepared remarks. The property is one of Takeda’s three global centers, conducting research into debilitating gastrointestinal and neurological diseases.<\/p>\n

Situated in San Diego\u2019s University City neighborhood, the life science building is close to numerous research & development companies such as Bionano Genomics, Tanabe Research Laboratories, Epic Sciences and Genomatica, to name a few.<\/p>\n

Together with the Bay Area, San Diego remains one of the West Coast\u2019s top life science markets. In May, Sterling Bay and Harrison Street obtained $265 million in construction financing<\/a> for a five-building project in the Sorrento Mesa submarket.<\/p>\n","protected":false},"excerpt":{"rendered":"

Located in the University City neighborhood, the life science facility came online in 2019.<\/p>\n","protected":false},"author":3154,"featured_media":1004669108,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21783,21742,21747,1608,15],"tags":[52068,37491,52069],"class_list":["post-1004669106","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-investment","category-latest","category-office","category-san-diego","category-west","tag-alexandria-real-estate-equities","tag-nuveen","tag-takeda-pharmaceutical-co"],"acf":[],"yoast_head":"\nAlexandria, Nuveen Sell Majority Stake in $161M San Diego Asset - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Alexandria Real Estate Equities has recapitalized a joint venture which owns a San Diego life science facility.\" \/>\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\/alexandria-nuveen-sell-majority-stake-in-161m-san-diego-asset\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Alexandria, Nuveen Sell Majority Stake in $161M San Diego Asset\" \/>\n<meta property=\"og:description\" content=\"Alexandria Real Estate Equities has recapitalized a joint venture which owns a San Diego life science facility.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/alexandria-nuveen-sell-majority-stake-in-161m-san-diego-asset\/\" \/>\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=\"2023-06-23T10:34:41+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-06-27T15:55:39+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/06\/6_22_23_9625TowneCenterDr_Takeda.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=\"Fotios Tsarouhis\" \/>\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\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/alexandria-nuveen-sell-majority-stake-in-161m-san-diego-asset\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/alexandria-nuveen-sell-majority-stake-in-161m-san-diego-asset\\\/\"},\"author\":{\"name\":\"Fotios Tsarouhis\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/98b17361e75363c0b179f1a51ccb5cc8\"},\"headline\":\"Alexandria, Nuveen Sell Majority Stake in $161M San Diego Asset\",\"datePublished\":\"2023-06-23T10:34:41+00:00\",\"dateModified\":\"2023-06-27T15:55:39+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/alexandria-nuveen-sell-majority-stake-in-161m-san-diego-asset\\\/\"},\"wordCount\":320,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/alexandria-nuveen-sell-majority-stake-in-161m-san-diego-asset\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2023\\\/06\\\/6_22_23_9625TowneCenterDr_Takeda.jpg\",\"keywords\":[\"Alexandria Real Estate Equities\",\"Nuveen\",\"Takeda Pharmaceutical Co.\"],\"articleSection\":[\"Featured\",\"Investment\",\"News\",\"Office\",\"San Diego\",\"West\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/alexandria-nuveen-sell-majority-stake-in-161m-san-diego-asset\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/alexandria-nuveen-sell-majority-stake-in-161m-san-diego-asset\\\/\",\"name\":\"Alexandria, Nuveen Sell Majority Stake in $161M San Diego Asset - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/alexandria-nuveen-sell-majority-stake-in-161m-san-diego-asset\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/alexandria-nuveen-sell-majority-stake-in-161m-san-diego-asset\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2023\\\/06\\\/6_22_23_9625TowneCenterDr_Takeda.jpg\",\"datePublished\":\"2023-06-23T10:34:41+00:00\",\"dateModified\":\"2023-06-27T15:55:39+00:00\",\"author\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/98b17361e75363c0b179f1a51ccb5cc8\"},\"description\":\"Alexandria Real Estate Equities has recapitalized a joint venture which owns a San Diego life science facility.\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/alexandria-nuveen-sell-majority-stake-in-161m-san-diego-asset\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/alexandria-nuveen-sell-majority-stake-in-161m-san-diego-asset\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/alexandria-nuveen-sell-majority-stake-in-161m-san-diego-asset\\\/#primaryimage\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2023\\\/06\\\/6_22_23_9625TowneCenterDr_Takeda.jpg\",\"contentUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2023\\\/06\\\/6_22_23_9625TowneCenterDr_Takeda.jpg\",\"width\":800,\"height\":620,\"caption\":\"9625 Towne Centre Drive in San Diego. Courtesy of Alexandria Real Estate Equities, Inc.\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/alexandria-nuveen-sell-majority-stake-in-161m-san-diego-asset\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Alexandria, Nuveen Sell Majority Stake in $161M San Diego Asset\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#website\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/\",\"name\":\"Commercial Property Executive\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/98b17361e75363c0b179f1a51ccb5cc8\",\"name\":\"Fotios Tsarouhis\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/7680ec8567fd1f6a07604ad4f435f9eb4b13d2207b806ff39806cbcb09d41abe?s=96&d=mm&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/7680ec8567fd1f6a07604ad4f435f9eb4b13d2207b806ff39806cbcb09d41abe?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/7680ec8567fd1f6a07604ad4f435f9eb4b13d2207b806ff39806cbcb09d41abe?s=96&d=mm&r=g\",\"caption\":\"Fotios Tsarouhis\"},\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/author\\\/fotios-tsarouhis\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Alexandria, Nuveen Sell Majority Stake in $161M San Diego Asset - Commercial Property Executive","description":"Alexandria Real Estate Equities has recapitalized a joint venture which owns a San Diego life science facility.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.commercialsearch.com\/news\/alexandria-nuveen-sell-majority-stake-in-161m-san-diego-asset\/","og_locale":"en_US","og_type":"article","og_title":"Alexandria, Nuveen Sell Majority Stake in $161M San Diego Asset","og_description":"Alexandria Real Estate Equities has recapitalized a joint venture which owns a San Diego life science facility.","og_url":"https:\/\/www.commercialsearch.com\/news\/alexandria-nuveen-sell-majority-stake-in-161m-san-diego-asset\/","og_site_name":"Commercial Property Executive","article_publisher":"https:\/\/www.facebook.com\/CPExecutive","article_published_time":"2023-06-23T10:34:41+00:00","article_modified_time":"2023-06-27T15:55:39+00:00","og_image":[{"width":800,"height":620,"url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/06\/6_22_23_9625TowneCenterDr_Takeda.jpg","type":"image\/jpeg"}],"author":"Fotios Tsarouhis","twitter_card":"summary_large_image","twitter_creator":"@cpexecutive","twitter_site":"@cpexecutive","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.commercialsearch.com\/news\/alexandria-nuveen-sell-majority-stake-in-161m-san-diego-asset\/#article","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/alexandria-nuveen-sell-majority-stake-in-161m-san-diego-asset\/"},"author":{"name":"Fotios Tsarouhis","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/98b17361e75363c0b179f1a51ccb5cc8"},"headline":"Alexandria, Nuveen Sell Majority Stake in $161M San Diego Asset","datePublished":"2023-06-23T10:34:41+00:00","dateModified":"2023-06-27T15:55:39+00:00","mainEntityOfPage":{"@id":"https:\/\/www.commercialsearch.com\/news\/alexandria-nuveen-sell-majority-stake-in-161m-san-diego-asset\/"},"wordCount":320,"image":{"@id":"https:\/\/www.commercialsearch.com\/news\/alexandria-nuveen-sell-majority-stake-in-161m-san-diego-asset\/#primaryimage"},"thumbnailUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/06\/6_22_23_9625TowneCenterDr_Takeda.jpg","keywords":["Alexandria Real Estate Equities","Nuveen","Takeda Pharmaceutical Co."],"articleSection":["Featured","Investment","News","Office","San Diego","West"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.commercialsearch.com\/news\/alexandria-nuveen-sell-majority-stake-in-161m-san-diego-asset\/","url":"https:\/\/www.commercialsearch.com\/news\/alexandria-nuveen-sell-majority-stake-in-161m-san-diego-asset\/","name":"Alexandria, Nuveen Sell Majority Stake in $161M San Diego Asset - Commercial Property Executive","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.commercialsearch.com\/news\/alexandria-nuveen-sell-majority-stake-in-161m-san-diego-asset\/#primaryimage"},"image":{"@id":"https:\/\/www.commercialsearch.com\/news\/alexandria-nuveen-sell-majority-stake-in-161m-san-diego-asset\/#primaryimage"},"thumbnailUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/06\/6_22_23_9625TowneCenterDr_Takeda.jpg","datePublished":"2023-06-23T10:34:41+00:00","dateModified":"2023-06-27T15:55:39+00:00","author":{"@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/98b17361e75363c0b179f1a51ccb5cc8"},"description":"Alexandria Real Estate Equities has recapitalized a joint venture which owns a San Diego life science facility.","breadcrumb":{"@id":"https:\/\/www.commercialsearch.com\/news\/alexandria-nuveen-sell-majority-stake-in-161m-san-diego-asset\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.commercialsearch.com\/news\/alexandria-nuveen-sell-majority-stake-in-161m-san-diego-asset\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/alexandria-nuveen-sell-majority-stake-in-161m-san-diego-asset\/#primaryimage","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/06\/6_22_23_9625TowneCenterDr_Takeda.jpg","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/06\/6_22_23_9625TowneCenterDr_Takeda.jpg","width":800,"height":620,"caption":"9625 Towne Centre Drive in San Diego. Courtesy of Alexandria Real Estate Equities, Inc."},{"@type":"BreadcrumbList","@id":"https:\/\/www.commercialsearch.com\/news\/alexandria-nuveen-sell-majority-stake-in-161m-san-diego-asset\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.commercialsearch.com\/news\/"},{"@type":"ListItem","position":2,"name":"Alexandria, Nuveen Sell Majority Stake in $161M San Diego Asset"}]},{"@type":"WebSite","@id":"https:\/\/www.commercialsearch.com\/news\/#website","url":"https:\/\/www.commercialsearch.com\/news\/","name":"Commercial Property Executive","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/98b17361e75363c0b179f1a51ccb5cc8","name":"Fotios Tsarouhis","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/7680ec8567fd1f6a07604ad4f435f9eb4b13d2207b806ff39806cbcb09d41abe?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/7680ec8567fd1f6a07604ad4f435f9eb4b13d2207b806ff39806cbcb09d41abe?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/7680ec8567fd1f6a07604ad4f435f9eb4b13d2207b806ff39806cbcb09d41abe?s=96&d=mm&r=g","caption":"Fotios Tsarouhis"},"url":"https:\/\/www.commercialsearch.com\/news\/author\/fotios-tsarouhis\/"}]}},"jetpack_featured_media_url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/06\/6_22_23_9625TowneCenterDr_Takeda.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004669106","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/users\/3154"}],"replies":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/comments?post=1004669106"}],"version-history":[{"count":10,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004669106\/revisions"}],"predecessor-version":[{"id":1004669782,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004669106\/revisions\/1004669782"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media\/1004669108"}],"wp:attachment":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media?parent=1004669106"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/categories?post=1004669106"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/tags?post=1004669106"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}