Foundation Park Building II 14209 NW 119th Ter 21,455 SF 4-Star Industrial Building Alachua, FL 32615 $29,247,669 CAD ($1,363.21 CAD/SF) 7% Cap Rate

We are pleased to present the opportunity to acquire Foundation Park Building II, a newly constructed, Class A, 21,455 square foot light manufacturing and laboratory facility.
Boasting an NOI of $1,466,973.10, this impressive structure is 100% leased to Ascend Advanced Therapies, a strong corporate tenant and leading manufacturer in gene therapies, immunotherapies, oncolytics, and vaccines. Ascend’s parent company, which operates internationally, guarantees the lease, as does Beacon Therapeutics (former tenant and additional guarantor).
Built to accommodate biotech manufacturing, on-site equipment is extensive and features a BSL2 laboratory, a fume hood, air filtration, a process chiller, autoclave, clean room facilities, and more and recently received significant tenant-funded improvements exceeding $25 million, reflecting a deep operational commitment to the location.
The lease commenced on April 1, 2024, providing more than 13 years of remaining absolute NNN term and has annual rent increases of 2% through year 9 and 2.5% in years 10-15.
Located in Alachua, Florida, which is a growing city for Florida’s research industry, this property is part of the Progress District. Progress District is a mixed-use development that merges established biotech clusters founded in academia with ecotourism, community, and retail to enable more community members who work in the district to live and enjoy recreational activities, entertainment, and great food and beverage without the need for a long commute. The 800-acre research-based community is comprised of 6 sub-districts that meet a variety of needs in the community and achieve the overall vision of a thriving live, work, and play ecosystem rooted in nature. It is home to one of the first bio-business incubators in the U.S. (UF Innovate | Accelerate at Sid Martin Biotech) and a college focused on emerging technology degrees (Santa FE College Perry Center).
Other companies within Progress District include Momentum Labs, The Jackson Laboratory, Evergen, Etectrx, Canaery, Axogen, and the National Center for Construction, Education, and Research (NCCER).