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11/24/21
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Crossroads Research Center, a four-building life sciences and R&D campus totaling 322.3k sf in Union City, CA, was acquired by a joint venture between Nearon Enterprises and Woodstock Development. The price was not disclosed.
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. 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.
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.
Will Connors, Daniel Renz, Erik Hanson, Michael Manas and Cheri Pierce with JLL Capital Markets represented the seller in the deal. Peter Smyslowski and Lillian Roos, also with JLL, arranged a five-year, floating-rate acquisition loan through Invesco Real Estate on behalf of the buyer.
“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 msf of space.”
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