Starwood JV acquires Southport Business Park in Raleigh-Durham, N.C.

A joint venture between funds affiliated with Starwood Capital Group and Trinity Capital Advisors has acquired Southport Business Park, a 17-building life sciences conversion opportunity located in the Raleigh-Durham, N.C., market.

The seller was GID, and the financial terms were not disclosed; however, it is estimated to be $208.6 million.

Southport Business Park is a 911,702-square-foot, light industrial/flex park situated at the center of the Raleigh-Durham market. Already with a significant existing lab footprint, the park sets up well for further conversion to life sciences in the Raleigh-Durham market, which is consistently ranked as a top five life sciences cluster in the United States. Additionally, the property is positioned just minutes away from Raleigh-Durham’s Research Triangle Park, the largest dedicated scientific research park in the country.

The Raleigh-Durham market has been experiencing a significant influx of life sciences users, with labor