Argosy Real Estate Partners Acquires Midtown BioCenter in Raleigh, NC
We are pleased to announce that Argosy Real Estate Partners has closed on the acquisition for Midtown BioCenter, the renovation/repositioning and lease-up of a 1991-vintage former retail building for conversion into a 100,000 sf life sciences facility. The property is located within the highly amenitized Six Forks / North Hills submarket of Raleigh, NC. The Raleigh-Durham area is undergoing a rapid expansion in the life sciences sector particularly in the biomanufacturing segment, where the demand for space currently exceeds available supply.
The existing property is uniquely positioned for conversion to life sciences as it currently has R&D / light-industrial zoning allowing for the life sciences conversion by-right. Additionally, the property has several key characteristics desired by biomanufacturing tenants including 22’ foot ceiling heights, a healthy parking ratio, tilt-up concrete walls, and three existing loading dock door positions.
The project is being redeveloped in partnership with East West Partners, a Chapel Hill, NC based investment firm focused on the development, repositioning and adaptive reuse of commercial, residential and mixed-use properties throughout North Carolina. The renovation will be performed by ARCO Design/Build, a national design-build general contractor with an office in Raleigh that serves as their national center of excellence for biomanufacturing and life sciences services.