Ventas, Inc. has closed on the purchase of a life science, research and medical campus in Providence, Rhode Island for nearly $130 million. The principal assets of the acquisition are a 269,000 sqf historic renovation of South Street Landing and an adjacent newly constructed garage. South Street Landing is 100 percent leased to Brown University for academic administrative offices and the Nursing Education Center. The Providence acquisition includes adjacent sites targeted for development and redevelopment to accommodate demand from universities and research companies. The purchase price for these additional redevelopment and development sites was $21 million. Ventas bought the assets from affiliates of Blackstone Real Estate Partners VIII L.P.
“The Providence acquisition adds newly developed, state-of-the-art facilities to Ventas’s high-quality life science, medical and innovation center portfolio, expands the company’s relationships with leading research universities and provides significant opportunities for future growth,” said Ventas Executive Vice President and Chief Investment Officer John Cobb. “With our leading platform in Wexford, we are the premier capital provider for university-based research and medical facilities. We are delighted to support top tier universities like Brown as they drive their research, medical and innovation agendas.”
