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SAN DIEGO, July 17, 2019 – Bain Capital Real Estate, the real estate investing business of Bain Capital, and Phase 3 Real Estate Partners, Inc., today announced the sale of Genesis Campus Point, a premier, Class A life science campus in San Diego. The three building, 314,135-square-foot campus has been sold to a publicly traded REIT, in a transaction valued at approximately $255 million.
Strategically located in the San Diego life science cluster’s thriving University Town Center submarket, Genesis Campus Point is surrounded by several prominent research institutions, including the University of California San Diego Health System, Scripps Health and the Salk Institute. The preeminent multi-tenant campus features a range of amenities, including an on-site restaurant, fitness center with lap pool, yoga studio, spin studio, showers/lockers, conference centers and an underground parking facility. Campus tenants range from global biopharmaceutical to growth- and early-stage companies.
Bain Capital Real Estate and Phase 3 Real Estate Partners acquired the three office buildings through two transactions in 2015.
“Phase 3 has been blessed to participate in the exciting growth taking place in the life science industry by providing a very high-quality product that is readily available for tenants’ occupancy. We value the relationships made working with the start-up and mid-tier life science companies who are responsible for so many of the groundbreaking treatments helping people live more rewarding and productive lives. Having the opportunity to support this community by providing a flexible environment that encourages collaboration and scientific discovery is what motivates our team’s execution,” said Phase 3 Real Estate Partners CEO Neil Fox.
“Genesis Campus Point is emblematic of our value-added investment approach. Working hand-in-hand with Phase 3, we identified an opportunity in a premier life sciences market to transform an under-optimized property into a state-of-the-art campus that has attracted a high-quality tenant base,” said Joe Marconi, a Managing Director of Bain Capital Real Estate. “We believe the campus’s collaborative and flexible environment, which facilitates research and employee engagement, coupled with its prime location in a market known for its rich pool of R&D talent and new-company formation, positions Genesis Campus Point favorably for continued strong occupancy.”
The Bain Capital Real Estate team has invested in approximately 4 million square feet of life sciences/lab space through acquisitions, development and repositioning across key U.S. markets.
HFF served as exclusive advisor to Bain Capital Real Estate and Phase 3 Partners.
About Bain Capital Real Estate
Bain Capital Real Estate was formed in 2018 and pursues investments in often hard-to-access sectors underpinned by enduring secular trends that drive long-term demand growth for real estate assets and services. The Bain Capital Real Estate team has been executing its strategy since 2010 (formerly as a part of Harvard Management Company), having invested over $3.8 billion of equity in over 400 assets across multiple sectors. Bain Capital Real Estate focuses on small to mid-sized assets where the team applies its deep industry expertise to accelerate impact and drive operational improvements. Bain Capital Real Estate’s strategy aligns with the value-added investment approach that Bain Capital pioneered and leverages the firm’s global platform and significant experience across asset classes to further bolster its insights and sourcing capabilities.
About Phase 3 Real Estate Partners
Phase 3 Real Estate Partners, Inc., (“Phase 3”) develops premier ready to occupy research and development facilities in the major innovation clusters of the United States. Phase 3’s focus on delivering the highest quality space with accelerated speed to occupancy within these key geographies allows companies to immediately pursue their scientific goals. The Phase 3 team delivers a clean, modern design aesthetic, the right combination of amenities to create community and appropriate infrastructure to meet the needs of the companies who call our facilities home. The firm’s expertise in development, construction and management of life science facilities results in a strong partnership between our tenants and our team. Phase 3’s current portfolio consists of 2 million square feet and is growing in San Diego, San Francisco and Boston.