Healthpeak Properties Enters Into $236M Joint Venture with Breakthrough Properties Through Sale Of 65% Interest In Callan Ridge Lab Campus
Portfolio Pulse from Benzinga Newsdesk
Healthpeak Properties has formed a joint venture with Breakthrough Properties by selling a 65% interest in the Callan Ridge lab campus. The deal values the property at $236 million, equating to $1,275 per square foot, and is based on a stabilized cash capitalization rate of 5.3% from an initial annual rental rate of about $67 per square foot.
January 10, 2024 | 9:17 pm
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Healthpeak Properties has entered into a joint venture with Breakthrough Properties, selling a 65% stake in Callan Ridge lab campus for $236 million. This transaction values the property significantly and generates capital for PEAK.
The sale of a majority stake in a high-value property like Callan Ridge is likely to be viewed positively by investors, as it demonstrates Healthpeak's ability to monetize assets and potentially reinvest in other strategic initiatives. The valuation of $1,275 per square foot and a capitalization rate of 5.3% suggest a strong demand for lab space, which could be a positive indicator for PEAK's remaining real estate portfolio. The influx of capital from the sale could also provide financial flexibility for the company.
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