SAN FRANCISCO — Chicago-based REIT Ventas Inc. (NYSE: VTR), through its Life Sciences and Healthcare Real Estate Fund, has acquired an 800,000-square-foot life sciences campus in San Francisco for roughly $1 billion. The San Francisco Business Journal reports that the property is the Genesis South office and life sciences hub, which consists of two office and lab buildings totaling roughly 720,000 square feet, as well as a 72,000-square-foot building. The Class A campus is located on the city’s south side and consists of three newly built or renovated buildings. The campus was 96 percent leased at the time of sale with a weighted average lease term of more than six years. The property is purpose-built for advanced research functions and is predominantly features lab space supporting biotechnology and other life sciences research. Nearly half of the tenant roster consists of publicly traded companies with market capitalizations of $10 billion or higher that are backed by venture capital or private equity firms. The price represents a capitalization rate of approximately 5 percent. The seller was a partnership between Boston-based Bain Capital and San Diego-based Phase 3, according to IPE Real Assets, which provides global intelligence for institutional real estate investment. In …
