IRA Capital has acquired a 237,000-square-foot life science and R&D campus in Columbus, Ohio. According to CommercialEdge data, The Inland Real Estate Group of Cos. sold the asset for $21.5 million.
The property, which came online in two phases between 1995 and 2001, last changed hands in 2005 when the previous owner purchased the facility for $47.8 million from Nuveen Real Estate, the same source shows.
The campus consists of four, three-story interconnected buildings. The property features 53,407-square-foot floorplates, five passenger elevators, controlled access and 1313 car parking spaces at a ratio of 5.5 spots per 1,000 square feet.
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The biopharmaceutical company Sarepta Therapeutics is the property’s anchor tenant, as the campus houses its Gene Therapies Center of Excellence. The center opened in 2021 and occupies 85,000 square feet. The company is known for specializing in genetic medicines for rare diseases. The facility is used for Sarepta’s research and development, enabling the genetic medicines’ transition from clinical-scale to commercial-scale manufacturing.
Located at 3435 Stelzer Road in the Easton submarket, the campus has access to Interstate 270 and U.S. Route 62. Downtown Columbus is less than 10 miles southwest of the property. Other gene manufacturing facilities in the metro include Abbott Laboratories and Forge Biologics.
Despite an overall slowdown in venture capital funding for life science assets, core markets continue to see a robust pipeline of lab space. Compared to the previous decade, life science developments across the U.S. account for a larger share of the overall office construction activity. Boston tops the nation, with 14.5 million square feet underway as of February, representing 5.9 percent of stock, according to a recent CommercialEdge report.
