Bain Capital Real Estate and Phase 3 Real Estate Partners, Inc. have sold Genesis Campus Point, the three building Class A life science campus in San Diego to a publicly traded REIT, for $255 million.
Strategically located in the San Diego life science cluster’s thriving University Town Center submarket, Genesis Campus Point is surrounded by several prominent research institutions, including the University of California San Diego Health System, Scripps Health and the Salk Institute.
Bain Capital Real Estate and Phase 3 Real Estate Partners acquired the three office buildings through two transactions in 2015.
“Phase 3 has been blessed to participate in the exciting growth taking place in the life science industry by providing a very high-quality product that is readily available for tenants’ occupancy. We value the relationships made working with the start-up and mid-tier life science companies who are responsible for so many of the groundbreaking treatments helping people live more rewarding and productive lives. Having the opportunity to support this community by providing a flexible environment that encourages collaboration and scientific discovery is what motivates our team’s execution,” said Phase 3 Real Estate Partners CEO Neil Fox.
“Genesis Campus Point is emblematic of our value-added investment approach. Working hand-in-hand with Phase 3, we identified an opportunity in a premier life sciences market to transform an under-optimized property into a state-of-the-art campus that has attracted a high-quality tenant base.We believe the campus’s collaborative and flexible environment, which facilitates research and employee engagement, coupled with its prime location in a market known for its rich pool of R&D talent and new-company formation, positions Genesis Campus Point favorably for continued strong occupancy,” said Joe Marconi, a Managing Director of Bain Capital Real Estate.
The Bain Capital Real Estate team has invested in approximately 4 million square feet of life sciences/lab space through acquisitions, development and repositioning across key U.S. markets.
HFF served as exclusive advisor to Bain Capital Real Estate and Phase 3 Partners.