Image courtesy of Newmark

Quincy-based Jumbo Capital sold a Bedford life science property for nearly double its 2020 acquisition price, after securing a lease extension from an anchor tenant in late 2021.

Barings paid $132 million for One Patriots Park, a 144,000-square-foot R&D campus located on 14.4 acres at 40-44 Wiggins Ave.

Jumbo Capital bought the property in late 2020 for $72.5 million. In December, it secured a lease extension and expansion from Homology Medicines to bring its occupancy to 91,500 square feet. The property is now 100-percent leased and contains Biosafety Level 2 and 3 laboratories.

In an announcement, Barings said it will renovate the remaining first-generation lab space in the building. The facility was originally completed in 1985.

Located next to the Minuteman Commuter Bikeway, the property has a shuttle service connecting to the MBTA’s Alewife Station.

Newmark’s capital markets team brokered the sale.

Jumbo Capital Sells Bedford Life Science Property for $132M

by Steve Adams time to read: 1 min