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Key Points:
A Dallas firm, Altera Fund Advisors, is set to acquire the Lincoln Park Bioscience Center from Sterling Bay, with plans to convert the lab building into a multi-tenant medical outpatient facility.
The sale price is expected to be significantly lower than the property's $64 million debt, reflecting a decline in demand for lab space since the pandemic and issues with a major tenant, BioLabs.
This acquisition aligns with Altera's strategy of purchasing healthcare assets at a substantial discount, and the building's robust systems are considered ideal for clinical tenants.