IQHQ, a life sciences actual property improvement firm, will purchase a key improvement website in South San Francisco to turn into what it hopes will turn into one other premier life science actual property and R&D advanced.
The 2-acre website, presently generally known as South Metropolis Station at 580 Dubuque Avenue, is situated within the coronary heart of South San Francisco, one of many West Coast’s quickest rising markets for all times sciences.
The deal is an off-market transaction and is entitled for a 213,000-square foot improvement. The acquisition value was not disclosed.
“We’re thrilled to accumulate the South Metropolis Station improvement website, which not solely represents a big venture for the South San Francisco market, however a prized addition to our rising actual property portfolio,” mentioned Tracy A. Murphy, president of IQHQ. “As soon as full, South Metropolis Station will instantly meet the rising demand … entice high expertise.”
The placement is prime for that, mentioned Murphy. South Metropolis Station is instantly adjoining to the brand new South San Francisco Caltrain Station, which is anticipated to open in Spring of 2021 and can join San Jose to Downtown San Francisco.
“The IQHQ management staff has a wonderful monitor file of creating dynamic and large-scale life science tasks a actuality, and we’re happy to accomplice with them on the South Metropolis Station venture,” mentioned Mike Futrell, Metropolis Supervisor of South San Francisco in the identical launch. “Regardless of the affect of the current COVID-19 pandemic, the life sciences sector and actual property market continues to be a vibrant spot.”
IQHQ, previously Inventive Science Properties, is a REIT centered on growing state-of-the-art life science tasks in high innovation hubs. It has properties in San Francisco, San Diego and Boston within the U.S., and the Golden Triangle in the UK. It has workplaces in San Diego and Boston.
The corporate mentioned it thrives on “creating and growing environments that encourage progress and provides innovation a house to develop,” in line with its web site.
The South Metropolis Station acquisition follows IQHQ’s completion of a $770 million capital elevate to assist its funding technique.
— to www.globest.com