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Puerto Rico Med Building Sells for $30M

ARECIBO, PUERTO RICO-The island attracts pharmaceutical and life sciences development by offering generous tax incentives.

By Joe Clements | Updated on September 19, 2007

(Read more on the industrial market.)

ARECIBO, PUERTO RICO-A 145,000-sf science research building in the final stages of construction here has changed hands, with St. Jude Medical Inc. paying $30 million for the manufacturing facility. The seller was Boston Scientific Corp. The Natick, MA-based medical devices company gained control of the asset as a result of its takeover of Guidant Corp. last year.

“It’s a unique building,” broker Greg Klemmer tells GlobeSt.com in confirming the sale. The principal of Klemmer Associates negotiated the agreement on behalf of Boston Scientific in partnership with Vicente Rios of Rios Commercial. St. Jude, headquartered in St. Paul, was represented by the Cresa Partners Minnesota office. Located on the north coast of the island about 50 miles from San Juan, Arecibo has a population of about 100,000, and is best known as the home of the Arecibo Observatory.

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