 |
| Multi-tenant 104,000-SF Office Building, 1000 Marine Boulevard, Brisbane, CA |
SAN RAMON, CA. -- Meridian, a full-service real estate developer and owner of
general and medical office real estate, is pleased to announce that it has
completed the sale of its 104,000-square-foot multi-tenant office building
located on 1000 Marina Boulevard in Brisbane, California.
The sale price was $39.5 million in an
off-market transaction. The buyer was Phase 3 Real Estate Partners of South San
Francisco and San Diego.
Meridian acquired the six-story building, which was built in 1983 on four and one-half acres, in December of 2016.
At the time of the acquisition, the
building was 92% leased to seven tenants and the in-place rents were
approximately 25% below the current market rents.
During its ownership, Meridian performed over
$2.5 million in property upgrades to the interiors, exteriors and building
systems of the building.
 |
| John Pollock |
According to Meridian’s Senior Vice President, John
Moutsanas, “This was Meridian’s largest general office acquisition at the
time.
"We were big believers in the resurgence of the North San Mateo County
market, particularly due to the explosion in life science demand, coupled with
YouTube’s large presence and expanding footprint in San Bruno. Our strategy
proved out.”
Moutsanas continues, “We had certainly planned to hold the building longer and roll our own rents to the increasing market, but our brokers did a great job of alerting us to an opportunity to sell the property to a more life science-centric developer who would be well-suited to reposition the building -- which is what they did.
Moutsanas continues, “We had certainly planned to hold the building longer and roll our own rents to the increasing market, but our brokers did a great job of alerting us to an opportunity to sell the property to a more life science-centric developer who would be well-suited to reposition the building -- which is what they did.
"Phase 3 Real Estate Partners was wonderful
to work with; they were responsive and really knew their business. Their
development of the Genesis Towers just down the 101 from this building gave
them the insight to sharpen their pencils and make a quick decision.”
CBRE’s Northern California Capital Markets team represented both the buyer and the seller in the transaction.
“Meridian has a healthy pipeline with multiple projects currently in escrow and several completed projects listed for sale in our healthcare business platform,” said John Pollock, Meridian’s CEO.
CBRE’s Northern California Capital Markets team represented both the buyer and the seller in the transaction.
“Meridian has a healthy pipeline with multiple projects currently in escrow and several completed projects listed for sale in our healthcare business platform,” said John Pollock, Meridian’s CEO.
“With approximately 500,000 square feet
currently in development/redevelopment, plus another 500,000 square feet in the
development pipeline, we are still looking for more. We really have an appetite
for land and buildings where we can bring our expertise to bear and create
value.”
For more information, please contact:
For more information, please contact:
No comments:
Post a Comment