BioMed Realty Trust, Inc.
) subsidiary, Wexford Science & Technology, disclosed the
buyout of the Chesterfield Building site in downtown Durham, N.C.
The company shelled out about $7.5 million for this acquisition,
which came as part of BioMed's efforts to expand Wexford's
footprint in North Carolina.
With this transaction, BioMed's portfolio base in North
Carolina rose to over 1.2 million square feet. It would, in
particular, help in expanding the company's Wake Forest
Innovation Quarter project and other properties in the Research
The Chesterfield building, which was once part of the complex
of Liggett & Myers Tobacco Company (presently known as
Liggett Group) of
Vector Group Ltd.
), is one of the last remaining yet-to-be redeveloped warehouses
of downtown Durham. The property that conducts research work
worth more than $2 billion every year is located near four
renowned universities - North Carolina Central University,
University of North Carolina at Chapel Hill, North Carolina State
University and Duke University - of the region.
We view the acquisition as a strategic fit for this real
estate investment trust (REIT), as we view the Durham market as
an ideal platform for pursuing the Wexford Science &
Technology's expansion plans. Moreover, the opportunistic
acquisitions would help the company enhance its portfolio
quality, which in turn would be accretive to its earnings going
Notably, Wexford Science & Technology possesses expertise
in universities and related research parks; and healthcare
systems facilities. In Jun 2013, BioMed Realty merged with
Wexford Science & Technology, LLC to strengthen its position
as the leading real estate provider to the life science
BioMed Realty focuses on providing real estate solutions to
the life science industry in the U.S. Its tenants primarily
include biotechnology and pharmaceutical companies, scientific
research institutions, government agencies, and other entities
involved in the life science industry. Currently, BioMed Realty
has interests in properties comprising approximately 16.3 million
square feet of rentable space.
BioMed Realty presently carries a Zacks Rank #3 (Hold).
However, some better-ranked REIT- Equity Trust - Other stocks
National Health Investors Inc.
W. P. Carey Inc.
). Both stocks carry a Zacks Rank #1 (Strong Buy).
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