Peninsula real estate draws big-time buyer for choice site along Bay

0

SOUTH SAN FRANCISCO — A choice South San Francisco office site that’s perched on the shores of the Bay has been bought by a veteran developer in a fresh sign of investment interest in well-located Peninsula properties.

DivcoWest, acting through an affiliate, has bought an office building site at 5000 Shoreline Ct. in South San Francisco, according to documents filed on Jan. 7 with the San Mateo County Recorder’s Office.

DW LSP 5000 Shoreline, the affiliate, paid $164.5 million for the office building, the county property records show.

The three-story building that DivcoWest bought totals 138,400 square feet, according to the PropertyShark real estate website.

5000 Shoreline Ct. in South San Francisco, an 8.6-acre property with an office building totaling 138,400 square feet, shown within the outline. Boundaries are approximate. (Google Maps)

The just-purchased building occupies an 8.6-acre site.

Investors have become increasingly intrigued by the prospects of buying office buildings on the Peninsula, which is deemed to be a hotbed for life sciences, medical and biotech companies.

Among some high-profile deals in recent years:

— In 2020, two landmark towers at 1 Tower Place and 2 Tower Place near Oyster Point in South San Francisco, along with a smaller office building, were bought by investment trust Ventas for a jaw-dropping $1 billion.

— In August 2021, BioMed Realty paid $160 million for properties in Redwood City and Belmont, including offices and land. Oracle was the seller.

— In September 2021, Alexandria Real Estate paid $105.3 million for the site of an old JC Penney store in San Bruno and intends to redevelop the site as an office and research complex totaling 700,000 square feet.

— In November 2021, IQHQ, a real estate firm focusing on life sciences, paid $164 million for office buildings in Redwood City. Oracle also was the seller in this deal.

— In December 2021, Steelwave paid $98 million for a site at 180 El Camino Real in South San Francisco. The real estate firm intends to develop a Safeway store along with office and research buildings, on the property, which at present is an older retail center.

Stay connected with us on social media platform for instant update click here to join our  Twitter, & Facebook

We are now on Telegram. Click here to join our channel (@TechiUpdate) and stay updated with the latest Technology headlines.

For all the latest Technology News Click Here 

Read original article here

Denial of responsibility! Rapidtelecast.com is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – [email protected]. The content will be deleted within 24 hours.
Leave a comment