Thor Equities Group Sells North Carolina Life Sciences Asset for $80M
Thor acquired the complex for $20M just over a year ago.
Alexandria Real Estate Equities (ARE) has acquired The Lab, a life sciences asset in North Carolina’s Research Triangle Park for $80 million, a source familiar with the sale told Commercial Observer.
Thor Equities Group sold the 72-acre life sciences complex after acquiring it in December 2020 for $20 million. After minor redevelopment work, the company made 10 times the equity on this deal, according to a source familiar with the sale. The assemblage of six buildings is situated at 104 T.W. Alexander Drive, in the middle of a leading research and development hub.
The majority of the property is leased to a biotechnology company, AgBiome. It sits between Raleigh and Durham, and close to academic institutions such as North Carolina State, Duke University, and the University of North Carolina. In addition to the six buildings that comprise The Lab, the property includes a vacant land parcel and over 1 million square feet of development potential.
“The sale of this best-in-class asset demonstrates the demand for high-quality space in top-performing markets. It was an opportune time to sell these six buildings and we look forward to identifying new opportunities in this region and beyond,” said Jack J. Sitt, executive vice president of Thor Equities Group.
Thor was represented by JLL Capital Markets, a team led by Directors Daniel Flynn, John Mikels and Sarah Godwin, Senior Managing Director Ryan Clutter and Senior Direct Chris Lingerfelt.
Alexandria Real Estate Equities declined to comment.