By Boston Real Estate Times -February 19, 2021
CHICAGO— Capri EGM, an investment company specializing in corporate build-to-suit and sale leaseback financing, and the acquisition of income generating logistics, life science, and R&D corporate real estate, announced that it has entered into an agreement to sell the Sanofi Genzyme Global Distribution Facility, one of its life science and logistics assets, located in the Boston–Cambridge market, one of the premier life sciences markets in the country.
The Sanofi Genzyme Global Distribution Facility is constructed to Current Good Manufacturing Practices (cGMP) standards, which are set by the Food and Drug Administration to assure the identity, strength, quality and purity of drug products.
Sanofi Genzyme is a fully owned subsidiary of global pharmaceutical conglomerate Sanofi. Capri EGM reported that the asset sale was the result of it accomplishing the objectives of its business plan for the asset. Capri EGM confirmed that life sciences, logistics, and R&D corporate real estate remain high conviction themes for its ongoing investment activity and believe that these assets are among the biggest beneficiaries of the developing macroeconomic trends.
The Sanofi Genzyme building is located at 11 Forbes Road adjacent to Interstate 290. The immediate area is a location of choice for many of the world’s top names in technology, pharmaceuticals, and life sciences. More than 100 life science companies are located within 10 miles of the property.
Shelby E. L. Pruett, Capri EGM’s Co-Chairman and Chief Executive Officer, commented: “Life science, logistics, and R&D corporate real estate remain high conviction themes for us and we are actively investing in these areas throughout the US in innovation-oriented markets. Our sale of the Genzyme assets was the result of our accomplishing the objectives of our business plan for this particular asset and we were happy to recycle the capital into new opportunities. We believe the pandemic has only increased the need for these types of assets and have highlighted their importance. As we look to current investments, the Boston–Cambridge market, as well as other innovation-oriented markets with leading research universities, will remain areas of focus for our investment activity as we believe these markets will continue to experience strong demand from corporations interested in participating in their local ecosystems.”
Capri EGM is a real estate investment company specializing in corporate build-to-suit and sale leaseback financing and the acquisition of income generating logistics, life science, and R&D corporate real estate in high growth markets throughout the United States. Since 1992, Capri EGM’s executive team and its predecessor organizations have acquired, originated, and managed over $10 billion in commercial real estate investments directly and through entity level investments.