PGIM Real Estate has provided $99.235 million in floating rate bridge financing on behalf of its U.S. core-plus debt strategy to Invesco Advisers, Inc. for the acquisition and lease-up of a six-property industrial portfolio supporting the life sciences industry on Alameda’s Bay Farm Island. PGIM Real Estate is the real estate investment business of PGIM, the $1.5 trillion global investment management business of Prudential Financial, Inc. (NYSE: PRU).
The properties, which are zoned for manufacturing and research and development, are strategically located within the East Bay submarket of the San Francisco metro area. Approximately 42% of Bay Area employees live in the East Bay, and Alameda County led life science leasing activity for the fourth quarter, according to Kidder Mathews.
“This loan will allow Invesco to acquire a strategic asset with access to major employee pools amid increasing demand for facilities that satisfy the high standards of the biotech and biopharma industries,” said Paul Geyer, executive director, who led the transaction for PGIM Real Estate.
The properties feature state-of-the-art elements such as 24'-28' clear heights, dock high and at-grade doors as well as ample power (1,000 to 3,000 amps), which position them for multiple life science uses, from lab R&D to GMP manufacturing (according to “Good Manufacturing Process” regulations set by the U.S. Food and Drug Administration).