SAN FRANCISCO, CA – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, announced members of its Bay Area offices represented DCT Industrial Trust in its purchase of a 255,000-square-foot industrial warehouse facility in Burlingame for $35 million.
The property was purchased through an umbrella partnership real estate investment trust from The Pauls Corporation, representing itself in the transaction.
DCT Industrial was represented by: Mike Davis (top right photo), vice president, JP Custodio (middle left photo), vice president, and Michael Draeger (bottom right photo), associate, of the San Mateo Industrial Group.
The team worked in conjunction with Seth McKinnon, vice president, Investment Services, and member of the company’s Private Capital Markets group, as well as Michael Taquino, vice president, Investment Services of the downtown San Francisco office.
“This was a highly sought after industrial trophy asset that is arguably the crown jewel of the San Francisco Peninsula,” said Davis. “As the largest Class A facility in Burlingame, the property encompasses all the attributes that tenants and investors desire. Ideally located just minutes from the San Francisco International Airport and Highway 101, the property features excellent clearance, parking, truck access, power and flexibility of use.” said Davis.
Located at 1625 – 1635 Rollins Road, the warehouse facility is 100 percent leased to the United States Postal Service, Mills-Peninsula Health Services and Classic Party Rentals. DCT Industrial purchased the property, as an investment for a long-term hold.
McKinnon added, “This unique transaction represented DCT’s creative ability to provide a smooth exit for the Pauls Corporation through the use of an UPREIT.”
Contact: Julia McCartney, Phone: 714.975.2230
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