Total Square Footage: 59,860
Acquired: March 31, 2022
Tenant Name: Scientia Vascular, Inc.
On March 31, 2022, Royal Oak acquired the life sciences facility of Scientia Vascular, Inc. (“Scientia”) located in West Valley City, Utah, our first investment in that state. The property is located in the Salt Lake City metropolitan statistical area. Scientia signed a 15-year absolute net lease at closing. In connection with the acquisition, we provided the tenant with access to an allowance to expand the building during the first three years of the lease term.
The Scientia property was built in 1971 as a 59,860 square foot office and open machining facility with a building height of 28 feet throughout. Since acquiring the facility in 2021, Scientia has invested approximately $2 million in renovating the office and lab areas of the existing building. As part of the growth plan, Scientia will construct an approximately 23,600 square foot building expansion of the property for warehouse and clean room manufacturing use.
Scientia designs and manufactures unique interventional devices. Scientia is vertically integrated with proprietary manufacturing processes and leverages a novel, patented microfabrication platform technology to produce guidewires, catheters and other products used in neurovascular, peripheral vascular and interventional oncology procedures. The Salt Lake City area is a rapidly expanding life sciences hub, with over 70 leading biotechnology and medical device companies residing in Utah.