Natalie Kostelni Reporter Philadelphia Business Journal
Gwynedd Mercy University has sold 150 acres for $31.5 million to Beacon Capital Partners, a Boston real estate investment firm that intends to use the property to expand its life sciences footprint in the Philadelphia suburbs.
Beacon already has a presence roughly two miles down the road from the university at Spring House Innovation Park, a 133-acre life sciences campus in Lower Gwynedd it bought for more than $100 million in early 2021.
Beacon’s acquisition of the 150 acres from Gwynedd Mercy demonstrates how companies are eager to secure sites throughout the suburbs and Philadelphia that can be developed into life sciences space. The region's growing life sciences sector has attracted domestic and international investors.
The latest came earlier this week when Oxford Properties Group, a global real estate firm based in Ontario, announced it formalized a deal to own and develop 3 million square feet of life sciences space at the Philadelphia Navy Yard with Ensemble Real Estate Investments and Mosaic Development Partners. Another was announced last month and involves a venture among Sterling Bay and Harrison Street Capital of Chicago and Botanic Properties of New York, which plans a 310,000-square-foot life sciences building at 38th and Chestnut streets in University City.
Full story: https://tinyurl.com/4x8kxp5s
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