Scannell Sells New Warehouse to Lifestar Pharma for $7.8M

Scannell Sells New Warehouse to Lifestar Pharma for $7.8M

A new 97,000 square-foot warehouse at the Triangle Business Center (TBC) Industrial Park in Durham, North Carolina, will be the manufacturing and research/development hub to Lifestar Pharma, a pharmaceutical supply chain and subsidiary of Mankind Pharma Limited, one of the top 5 leading pharmaceutical companies of India. Lifestar focuses on developing and marketing affordable, high quality, multi-source specialty pharmaceuticals for the US market.

Scannell Properties sold the building for $7.8M in August.

Scannell completed construction of the building in the second quarter of 2017 and has been building multiple new flex and warehouse structures at TBC and in eastern Wake County over the past couple of years. Development includes new industrial buildings for PowerSecure and the Peter Millar apparel brand. PowerSecure is a leading provider of utility and energy technologies to electric utilities, and their industrial, institutional and commercial customers. Peter Millar is a premium American lifestyle retail brand.

Bill Linville, Partner at Scannell Properties says, “We are pleased to be working in a quality community like Durham and attracting such strong corporate clients to the development.” Jim Allaire, Managing Director of Foundry Commercial represented Scannell Properties in the sale. “It was a record price per square foot for a shell building sale in the Raleigh-Durham area.”