February 4, 2016 Comments Off on TIAA-CREF Picks Ups $262.9M in Life Sciences Buildings Views: 356 Bay Area, California News

TIAA-CREF Picks Ups $262.9M in Life Sciences Buildings

TIAA-CREF acquired an interest in two life sciences buildings in San Francisco’s Mission Bay/South of Market district from Alexandria Real Estate Equities for $262.9-million. The pension fund claimed a 40 percent stake in 409-499 Illinois St. and a 49.9 percent stake in 1500 Owens St., properties that are 100-percent leased and combined total more than 600,000 square feet.

The interest in the Illinois St. property was sold at a cap rate of 4.5 percent. The cap rate on the partial sale of the Owens St. property was 4.8 percent.

These are the first transactions that TIAA-CREF has executed with Pasadena-based Alexandria. Factors that drove the investment decision include an aging population, longer life expectancies and limited supply of new life sciences properties.

Read More at The Registry

Share on FacebookTweet about this on TwitterShare on LinkedInEmail this to someone

Tags: ,

Comments are closed.