IRA Capital Expands Portfolio with Acquisition of Columbus Life Science Asset

The 237,000-square-foot life science and R&D campus in Columbus, Ohio was recently acquired by IRA Capital from The Inland Real Estate Group of Cos. for $21.5 million. The campus was developed in two phases between 1995 and 2001 and previously changed ownership in 2005 for $47.8 million.

Consisting of four interconnected, three-story buildings, the campus features 53,407-square-foot floorplates, five passenger elevators, controlled access, and 1313 car parking spaces at a ratio of 5.5 spots per 1,000 square feet. Sarepta Therapeutics, a biopharmaceutical company specializing in genetic medicines for rare diseases, is the anchor tenant and operates its Gene Therapies Center of Excellence within the campus.

Situated in the Easton submarket at 3435 Stelzer Road, the campus offers easy access to Interstate 270 and U.S. Route 62, with downtown Columbus less than 10 miles away. Other gene manufacturing facilities in the metro area include Abbott Laboratories and Forge Biologics.

While venture capital funding for life science assets has seen a slowdown, core markets like Columbus continue to see a robust pipeline of lab space developments. Boston currently leads the nation in life science development, with 14.5 million square feet underway as of February, representing 5.9 percent of the stock.