Avison Young Closes Sale of North Florida Life Sciences Building
- Apr 30, 2020
Avison Young has arranged the sale of a 43,180-square-foot, R&D property in Alachua, Fla. Principals Rick Cain, Nick Banks, Michael Fay, David Duckworth and John Crotty assisted Concept Cos., which sold the Class A asset for $12 million through a 1031 exchange. The buyer, a private investor, took out an $8.3 million acquisition loan from Valley National Bank, according to public records.
The property is the first phase of Foundation Park, a project that is set to encompass 180,000 square feet across four buildings once fully developed. Concept Cos. acquired the land parcel for $591,000 in 2015 from the University of Florida Foundation, Alachua County records show. The company then spent $8.4 million to develop the first building.
Located on 4 acres at 14193 NW 119th Terrace, the building came online in 2016. The tenant roster includes Applied Genetic Technologies Corp., AavantiBio and Biotility at University of Florida. Situated along Martin Luther King Boulevard, Foundation Park is near Progress Park, which is home to multiple life sciences companies such as Brammer Bio, Banyan Biomarkers or Integrated Plant Genetics.
Avison Young has been busy in Florida. In February, another team negotiated a 43,895-square-foot lease at Omni Center in Miami. The company assisted tenant Global Institutes on Addictions, while Tower Commercial advised the landlord, Resorts World Omni.