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4/25/18
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Sierra Investments has acquired a 22.5k sf, 3.35-acre R&D investment property in Belmont, CA from Davis Commercial LLC, a private seller. The central Peninsula property, which is situated at the corner of Ralston Ave and Davis Dr, is immediately accessible from Ralston via Hwy 92.
The asset, an office/R&D building with 1.8 acres of additional, level development land, was sold without entitlements, although a number of potential expansion and redevelopment scenarios are viable for the completely flat and highly functional corner view-oriented site.
Located in Belmont’s only office/R&D park, the site was originally developed for a technology user in the early 1960’s under Belmont E-2 zoning. The poperty was designed presuming that the tenant required a future 20k sf expansion of the existing building, which was never employed.
Bruce Paris of CBRE’s Capital Markets/Investment Properties represented the seller. According to Paris, Sierra Investments’ offer and unconstrained redevelopment plan were seen as the most advantageous option for the seller, who had determined the site surplus to its primary real estate investment objectives.
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