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December 8, 2019
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BAY AREA NEWS
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Millbrae Industrial Property Sold as Redevelopment Opportunity

6/24/19

A 76k sf, 1.76-acre TOD property in Millbrae was acquired by a local owner/user. The property was sold by The John Hansen Company, which had operated its longstanding family business within an existing 36.6k sf, single-story industrial building on the site.

Located at 355 – 369 Adrian Rd, the central Peninsula property is strategically positioned just east of the corner of Rollins and Adrian Roads and is immediately accessible from Millbrae Avenue via Hwy 101.

The sale was completed without entitlements, although a number of potential redevelopment scenarios are viable for the completely flat and highly desirable site, which includes MSASP pre-entitlement density and height criteria. The site was originally developed as a traditional industrial manufacturing property in the 1960s under Millbrae’s industrial zoning of that period.

Bruce Paris and Alex Wilson with CBRE represented the seller in the transaction.

“Today the site’s highly functional 1.76 level acres and relative economic scale represent a rare opportunity for the City of Millbrae and the new ownership to develop the site consistent with the MSASP, which offers a maximum height potential of 85 feet in 8 stories with a potential mixed-use FAR of 5.75,” said Paris. “Ultimately, the purchaser’s unentitled redevelopment plan and non-contingent close were seen as the most advantageous option for the seller, who had determined the site insufficient for its growing business objectives.”





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