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The expansion of the existing P3 between Howard University and Corvias increases the scope of the arrangement to 3,009 beds, $144 million in capital raised, a total of $1.7 billion in total economic impact and $39.5 million in debt defeasance.
A recent vacancy of approximately 300,000 square feet in a Louisville facility brought down the cap rate a bit but Dream Industrial says that once it is leased up, it expects to cap rate to increase to 6.5%.
“New Jersey historically has been a life science hub, and the industry continues to play a major role in the state's economy,” says Jason Price, director, Cushman & Wakefield's Tri-State Suburbs Research.