Life Science Single Tenant Investment Opportunity | 6.6% Cap Rate
14209 Northwest 119th Terrace
Alachua, FL 32615
Highlights
- Absolute NNN Lease
- Annual Escalations
- Letter of Credit and Two Corporate Guarantees
- Class A Property with extraordinary buildout
- Located in the Progress District, in the heart of a Life Sciences Hub
- $25 million in additional tenant improvements funded by the tenant
- 13+ years of lease term commenced April 1, 2024
- The lease includes three (3) x five (5) year options to renew
- The lease includes tenant expansion onto additional land included
Description
Bull Realty is pleased to offer qualified investors the opportunity to acquire this Life Science manufacturing facility in the Gainesville, FL MSA. The lease is absolute NNN with 13+ years of term which commenced on April 1, 2024. Pricing guidance is $21,700,000 which reflects a cap rate of 6.6%.
The tenant is currently funding very significant improvements to this high throughput, multi-production facility. The tenant’s estimate for this work is greater than $25 million and will take approximately 12 months to complete. This demonstrates their commitment to the property. The work is underway. The facility is open and operating. Some of the work includes reconfiguring clean spaces, upgrading mechanical, electrical and plumbing equipment, installing a sterile water production system, a bioreactor / purification room and adding an additional generator.
The property is occupied by Ascend Advanced Therapies, who recently acquired the former tenant, Beacon Therapeutics, who specializes in ophthalmic gene therapy to restore vision to patients with a range of retinal diseases that result in blindness. Ascend brings to the table an additional adeno-associated virus platform (AAV) to support the next generation of innovators bringing gene therapy to patients.
If you would like to review additional details about this opportunity including the rent roll, cash flow, budget, lease agreement & amendments, letter of credit, and corporate guarantees, please execute and return the Principal Confidentiality Agreement on the second to last page of this Offering Memorandum.
The offer deadline for this opportunity is February 10th, 2025.
Great Gainesville, FL Area
