GC Net Lease REIT Pays $56M for Biotech Facility

SAN DIEGO-The GC Net Lease REIT Inc., a publicly-registered, non-listed real estate investment trust sponsored by Los Angeles-based Griffin Capital Corp., has acquired a 328,700-square-foot biotech facility centrally located in San Diego’s biomedical market. The REIT, which is focused on acquiring “mission critical”, single-tenant, office and industrial properties net-leased to creditworthy corporate tenants, acquired the property for $56 million. 

The facility currently serves as Life Technologies Corp.’s global headquarters. The acquisition is pursuant to a long term triple-net lease by the company, which currently controls a portfolio of more than 50,000 products sold and distributed to over 90% of the research laboratories in the U.S.