Life Science Asset Attracts $225M From Middle Eastern Investor
- Dec 03, 2020
Sidra Capital has bought a 90 percent interest in the 855,600-square-foot Arborcrest Corporate Campus in Blue Bell, Pa., from Spear Street Capital. JLL Capital Markets arranged the $225 million deal, with Spear Street retaining a 10 percent ownership. The asset’s tenant roster is dominated by life science and biotech companies, which were of interest for the Saudi Arabia-based buyer.
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Arborcrest is located at 751 Arbor Way, just off Interstate 476 and in proximity of Interstate 476. Downtown Philadelphia is 27 miles south of the site. Built in two phases in 2015 and 2019, the property encompasses five buildings. Current health-care and life science tenants include Signant Health, Pharmaceutical Research Association and Abington Memorial.
Managing Director Claudio Sgobba and Senior Managing Director Doug Rodio led the JLL Capital Markets team arranging the recapitalization.
With COVID-19 mobilizing health care and life sciences, the sector has also seen increased foreign capital interest. Earlier this year, GIC—a Singaporean sovereign wealth fund—teamed up with Ventas Inc. for a “Research and Innovation” development comprising four buildings in Philadelphia and Pittsburgh. The joint venture plans to deliver the academic medicine facilities between 2021 and 2023.