Invesco secures $99M loan for CA life science venture


Newmark, as an exclusive advisor to Invesco Advisers, Inc., has arranged $99.235 million in financing to acquire and convert a newly developed 335,000 s/f, six-building portfolio in Alameda, California for state-of-the-art life science use.

Vice Chairman Ramsey Daya and Senior Managing Director Chris Moritz of Newmark’s Debt & Structured Finance team helped arrange the financing on behalf of the owner. The loan was placed with PGIM Real Estate.

“The East Bay has emerged as one of the most active life science submarkets in the Bay Area through the pandemic, drawing interest and demand from both tenants and capital,”  said Daya. “These conditions, coupled with the strong sponsorship, lead to a high level of interest from the lending markets for the opportunity.”

Located on Alameda’s Bay Farm Island at 1410-1430 Harbor Bay
Road and 1955-2115 North Loop Road, the properties feature 24′ to 28′ clear
heights, dock high and at-grade doors as well as ample power, which position
them for multiple life science uses, from lab R&D to GMP manufacturing
(according to “Good Manufacturing Process” regulations set by the U.S. Food and
Drug Administration).

Moritz added,
“Invesco’s acquisition will allow them to take advantage of the maturation of
the Bay Area life science industry that span the breadth of medical,
agricultural and industrial technologies. As companies focus on quality
assurance and onshoring, domestic GMP facilities have become critical for
companies to manage their throughput and fuel their growth. This project is no
exception and is set to become one of the most state-of-the-art facilities in
East Bay.”

The properties are zoned for manufacturing and research and development, allowing for a wide variety of life science uses that will take advantage of one of the most prominent and active life science clusters in the United States, according to Newmark Research.

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