EastGroup Properties Acquires Life Sciences Facility In Durham NC For $47 Million

EastGroup Properties acquired a life sciences facility located at 2360 Ferrell Road in Durham, NC, for a sale price of $47,000,000. The property encompasses 250,541 square feet, translating to a price per square foot of $188. It is fully leased to LifeScience Logistics under a 10-year lease and is part of the 1 million-square-foot Durham 85 complex.

Summary of transation details:

• Property Type: Life Sciences
• Transaction Amount: $47,000,000
• Address: 2360 Ferrell Road
• Market: Durham, NC
• Square Footage: 250,541
• Price Per Square Foot: $188
• Buyer: EastGroup Properties
• Seller: Scannell Properties & Manulife Investment Management
• Rep: JLL Capital Markets

The transaction was orchestrated by JLL Capital Markets, representing the sellers, Scannell Properties and Manulife Investment Management. This acquisition reflects EastGroup Properties' strategic investment in the life sciences sector within a significant market area, enhancing their portfolio's presence in North Carolina.