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| Crossroads Research Center, Union City, CA |
SAN
FRANCISCO, CA, Nov. 22, 2021 – JLL Capital Markets announced today
that it has closed the sale and arranged financing for Crossroads Research
Center, a four-building life sciences and R&D campus totaling 322,318
square feet in Union City, California.
 |
| Kirk Syme |
JLL
represented the seller, a joint venture between Nearon Enterprises and
Woodstock Development, and worked on behalf of the buyer to secure the
five-year, floating-rate acquisition loan through Invesco Real Estate.
 |
Cherie Pierce
|
Crossroads
Research Center is located at 3180-3200, 3240, 3242 and 3280 Whipple Rd in the
high-growth Central I-880 Corridor of the Bay Area. |
| Lillian Roos |
The 23.1-acre site offers a central location
easily accessible from the Mid-Peninsula, Silicon Valley and East Bay.
In
addition, the property has access to nearby world-class universities and
research institutions, including UC Berkeley, UCSF, Stanford University, Santa
Clara University and San Jose State University, and a highly educated workforce
with more than 46% of residents holding a bachelor’s degree or higher.
 |
| Will Connors |
“Nearon
and Woodstock purchased the project in 2001 and since then it has been
nearly 100% leased for over 20 years,” said Woodstock Development’s President Kirk
Syme.
“Crossroads
has proven to be a tremendously successful project. We continue to invest in
the Union City market and believe it is an ideal location for life sciences
research and development into the future.”
Built
between 2000 and 2004, Crossroads Research Center offers four single-story
buildings with ideal life sciences conversion attributes, including 18’ to 24’
clear heights, a substantial mix of dock and grade doors serving each building
and an above-market parking ratio.
 |
| Daniel Renz |
The
JLL Capital Markets team representing the seller was led by Senior Managing
Director Will Connors, Senior Directors Daniel Renz and Erik
Hanson, Director Michael Manas and Vice President Cheri Pierce.
“We
have seen incredible demand for life sciences conversions in the last year as a
result of record life sciences funding and rapidly evolving life sciences
requirements in the Bay Area,” Connors said.
“This
transaction marks the fifth life sciences conversion play we’ve closed over the
past six months in the Central I-880 corridor, representing more than 1.2
million square feet of space.”
 |
| Erik Hanson |
JLL’s
Capital Markets team representing the borrower was led by Senior Managing
Director Peter Smyslowski and Associate Lillian Roos.
JLL
Capital Markets is a full-service global provider of capital solutions for real
estate investors and occupiers.
The
firm's in-depth local market and global investor knowledge delivers the
best-in-class solutions for clients — whether investment sales and advisory,
debt advisory, equity advisory or a recapitalization.
The
firm has more than 3,000 Capital Markets specialists worldwide with offices in
nearly 50 countries.
 |
| Michael Manas |
For
more news, videos and research resources on JLL, please visit our newsroom.
Jones
Lang LaSalle Americas, Inc. ("JLL") is a real estate broker licensed
with the California Department of Real Estate, license #01223413.
About
Nearon Enterprises
Nearon
is a Walnut Creek-based, privately held real estate investment firm.
Nearon
owns and operates a diverse portfolio of approximately 5.5 million square feet
of properties throughout the Western U.S., including over 4 million square feet
of industrial buildings, nearly 1 million square feet of offices and 600
apartment units.
 |
| Peter Smyslowski |
Current
holdings are primarily concentrated in California, Arizona, Utah, and
Colorado.
About
Woodstock Development
Woodstock
Development, Inc. was founded in 1995 in Burlingame, CA.
Woodstock focuses on
the development of premier office and Life Science properties in the San Francisco
Bay Area.
Woodstock has entitled and/or developed over 3 million square feet of
Class A Office and Life Science space over the past 26 years and currently has
over 2 million square feet in its development pipeline in the Bay Area.
CONTACT:
Murphy, Kristen
Kristen.Murphy@am.jll.com
nearon.com.
www.woodstockdevelopment.com
jll.com
