Bain Capital Sells $405M Life Sciences Portfolio

The deal is the third in a string of life sciences dispositions the company has closed this year, following sales of properties in San Diego and Boston.
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Bain Capital Real Estate, the real estate investing arm of Bain Capital, has closed on the sale of a life science portfolio in the Research Triangle area of North Carolina to Longfellow Strategic Value Fund LLC for $405 million. The sale follows two other life science properties sold this year by the company—a 314,000-square-foot campus in San Diego and a 77,805-square-foot property in the Boston area.

The 1.3 million-square-foot core life science portfolio comprises 18 buildings across four campuses in and near Research Triangle Park, the largest dedicated scientific research park in the country. The portfolio is currently 94 percent leased and has tenants including genetic research firms, clinical research organizations and agriculture tech companies. Bain and Longfellow, its operating partner on the portfolio, teamed up to build the portfolio in 2014.

Scot Humphrey of JLL Capital Markets served as the exclusive advisor to Bain Capital Real Estate, while a JLL Capital Markets team of Ryan Clutter, Coleman Benedict, Chris Norvell and Zack Drozda also represented the seller in the deal.

Bain Capital Real Estate has been an active investor in the life science real estate sector in recent years, with approximately 4.3 million square feet of acquisitions and development/repositioning projects in total across the U.S.