ROCKVILLE, MD—San Diego-based BioMed RealtyTrust has sold its biological manufacturing facility herefor $322.5 million in gross proceeds. The REIT isregistering a gain of $136 million from the sale of the289,900-square foot property, which traded for $1,112 per squarefoot. GI Partners, a private equity firm, is thebuyer.
Shareholders are receiving a special dividend from the sale of 3cents per share of common stock, or $61 million of theproceeds.
The REIT plans to use the remaining proceeds to pay down thebalance of its unsecured revolving credit facility with an eye tofurther investment in laboratory and life sciences officefacilities in such areas as Boston/Cambridge, the San Francisco BayArea and San Diego.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
