1031 exchange deal one of the largest single office transactions in Alachua County
Gainesville, Fla. — Avison Young closed the $12 million sale of a biotech and life science research facility in Foundation Park, located at 14193 NW 119th Terrace in Alachua, Florida. The newly constructed, 43,180-square-foot, Class A facility was constructed by Concept Companies. The sale was part of a 1031 exchange and represents one of the largest single office transactions in Alachua County since 2015.
Avison Young Principals Rick Cain and Nick Banks, who is also Managing Director of the firm’s Gainesville office, spearheaded the disposition on behalf of Alachua Foundation Park Holding Company, LLC. Avison Young Principals Michael T. Fay, who is also Managing Director of the firm’s Miami operations; David Duckworth; and John K. Crotty, CCIM, were also part of the seller’s representation. The buyer was HF Holdings Colorado, LLC and financing was provided by Valley Bank’s Orlando office.
“The Foundation Park asset is well-positioned with strong tenancy and cash flow,” said Cain. “The proximity of Foundation Park and neighboring Progress Park provide a productive setting for many successful and growing bioscience companies, some of which have spun out of the University of Florida or UF Innovate’s Sid Martin Biotech Incubator, the #1 ranked biotech incubator in the world. This transaction represents the beginning of what will hopefully be a long-term relationship between HF Holdings and Concept Companies that will lead to future development opportunities within the life sciences sector in the area.”
The first of four buildings that will eventually be developed at Foundation Park, the fully-occupied facility is home to Applied Genetic Technologies Corporation (AGTC), Biotility at University of Florida, and AavantiBio. “These companies are engaged in cutting edge research and development in their respective fields. Companies that otherwise may have had to leave the market to find state-of-the-art biotech labs now have all the amenities for success at Foundation Park,” said Cain.
“To seamlessly execute the marketing and sale of the Foundation Park building, we engaged talented Capital Markets expertise across Avison Young Florida offices,” said Banks. “The deal required us to help our client and the buyer navigate obstacles due to the sudden uncertainty of the times and ultimately complete a successful, notable sale in the market within the tight 1031 exchange timeframe.”
Foundation Park is strategically located in the heart of Florida’s high-tech corridor, just across the street from Progress Park and UF Innovate’s Sid Martin Biotechnology Incubator. Foundation Park and neighboring Progress Park provide a productive setting for many growing life science companies.