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IRA Capital has acquired a 237,000 square foot life sciences and research and development campus in Columbus, Ohio. Cos.’s Inland Real Estate Group sold the property for $21.5 million, according to CommercialEdge data.
The property was offered to the public in two phases from 1995 to 2001, and last changed hands in 2005, when the previous owner purchased the property from Nuveen Real Estate for $47.8 million. The same source says.
The campus consists of four interconnected three-story buildings. The property has 53,407 square feet of floor space, five passenger elevators, controlled access, and 1,313 parking spaces at a rate of 5.5 spaces per 1,000 square feet.
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Biopharmaceutical company Sarepta Therapeutics is the facility’s anchor tenant, as its campus houses the Gene Therapy Center of Excellence. The center will open in his 2021 year and will occupy 85,000 square feet. The company is known for specializing in genetic medicines for rare diseases. The facility will be used for Sarepta’s research and development and will enable the transition from clinical to commercial scale manufacturing of the genetic medicine.
The campus is located at 3435 Stelzer Road in the Easton submarket, with access to Interstate 270 and Route 62. Downtown Columbus is less than 10 miles southwest of the property. Other gene manufacturing facilities in the metro include Abbott Laboratories and Forge Biologics.
Despite an overall slowdown in venture capital funding for life sciences assets, core markets continue to see a robust pipeline of lab space. Compared to the past decade, life science developments accounted for a larger portion of total office construction activity across the United States. Topping the list in the nation is Boston, with 14.5 million square feet under construction as of February, accounting for 5.9 percent of inventory, according to a recent Commercial Edge report.
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