3 MINUTE READ
The Research Triangle property was recently converted from a declining outlet mall.
A new laboratory and life science campus built from a former outlet mall in Morrisville has been sold to Related Fund Management in a deal valued over $180 million.
Spanning 245,159 square feet, The Stitch is one of a growing number of properties being redeveloped into life science space, a sector that continues to explode with investor demand.
Built in 1981, the Prime Outlets Mall operated successfully for decades before it began losing tenants, with only one tenant remaining by 2019. The seller, Equator Capital Management, bought the 25-acre property in a $15.5 million sale in 2019 and announced plans to transform the aging mall. The firm hired Gensler to design the project and signed a full lease with Invitae just before closing that will end in 2035. The redevelopment now features an 18,000 sq. ft. indoor amenity area with a fitness center, on-site clinic, artisanal coffee bar, prep kitchen, private phone booths and quiet areas.
New lease on life science campus
In April, Invitae announced it would launch their east coast life science facility with plans to create 374 local jobs. The state-of-the-art facility is expected to help the company expand capacity so it can better meet growing worldwide demand for genetic testing services.
Sara Owen, David Finger, and David Meline of Cushman & Wakefield represented Equator Capital Management in the sale of the property to Related Fund Management.
Related Fund Management is part of The Related Companies, a privately-held firm that deals in real estate development and investment across multiple sectors, from retail to residential and office, in major U.S. markets. The company’s portfolio is currently valued at more than $20 billion.
Marketing the property to nearly 200 interested buyers
Capitol Photography collaborated with Accommovision to provide the Cushman & Wakefield team with a full architectural photography and video package to market this expansive property.
The Cushman & Wakefield team engaged with almost 200 different investors while the property was being marketed for sale, many of whom are well-known, institutional, and international investors. There were multiple rounds of bidding and several competitive offers that ultimately drove record-breaking pricing.
The high demand meant that Cushman & Wakefield needed a visual presentation that could tell the story of this innovative property in a concise and captivating fashion.
Our production teams delivered a mix of flawless architectural photography and video footage to support Cushman & Wakefield’s National Life Sciences Investment Group in a multitude of presentations to investors.
Creative Presentation From Every Angle
As a creative partner, we offer our clients a full suite of superior visual content. Our complete video and architectural photography packages support high-value commercial real estate transactions by reliably delivering eye-catching and informative visual content.
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About Accommovision & Capitol Photography
After years of working with the top names in CRE and hospitality, Accommovision and Capitol Photography have developed a synergistic partnership to deliver the most innovative visual solutions in the industry.
With a foundation of trust that goes all the way back to kindergarten, our directors have produced a variety of custom imagery packages for high-value commercial real estate transactions across North America.
