Levin Johnston closes $14.5 million industrial property transaction in Burlingame, CA

  

Burlingame, CA – Levin Johnston of Marcus and Millichap, one of the top brokerage teams in the U.S. specializing in wealth management through commercial real estate investments, announces that it closed an industrial property transaction worth $14.5 million in Burlingame, California on behalf of private investor clients.

The 1.58-acre site is home to eight separate industrial suites in two adjacent buildings.

“Industrial properties, particularly ones located near transportation hubs, are in high demand even with the headwinds of economic concern and higher interest rates,” says Adam Levin, Executive Managing Director of Levin Johnston.

 

Adam Levin

“These assets, located right off the 101 Freeway, minutes from SFO, and a short drive to downtown San Francisco, are an example of a prime investment opportunity in a thriving Bay Area community.”

According to the National Association of Realtors, the region south of San Francisco including Burlingame, San Mateo, Santa Clara, and San Jose has experienced job growth of 3.3 percent which is faster than the national growth rate. 

Robert Johnston

Continued demand for workers along with the deceleration of new supply, net new industrial inventory in the first quarter of 2023 was zero compared to -633,616 square feet in Q1 2022, is keeping rent growth elevated at 6.1 percent and an average square foot rent of $27 compared to $25 in the same period last year.

“The market has some bright spots, but they need to be identified,” notes Robert Johnston, Senior Managing Director of Levin Johnston.

“Transaction dollar volume in Q1 2023 was 54 percent of what it was in 2022, so investors need a partner who has the network and experience to find the opportunities, as our team did in this transaction.”

The transaction was comprised of two adjacent properties totaling a 1.58-acre lot and 31,415 square feet of leasable space. Both properties are zoned for warehouse use with flex office space.

Jessica Tomasetti

The properties include on-site external parking, 14-foot ceiling heights, and multiple drive-in bays for warehouse access.

Public transportation is nearby with BART’s Millbrae station less than 2 miles away and CalTrain Commuter rail station 1 mile from the properties. San Francisco Airport is just 3.2 miles away and the Port of Redwood City approximately a 20 minute drive.

The Levin Johnston team of Adam Levin, Robert Johnston, and Jessica Tomasetti represented both the buyer and seller of the properties. The properties are located at 890 Mahler Road and 1550 Gilbreth Road in Burlingame, California 94010.

CONTACTS:

Hanna Kokuashvili / Kiera Moran

The Smart Agency, Inc.

(949) 520-6717

hkokuashvili@thesmartagency.com

 

www.levinjohnston.com