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12/27/21
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Woodstock Development paid $40.35 mil for Ladera Professional Center, a 23.4k sf ($1,724/sf) office property in Portola Valley, CA. Built in 1964, the property sits on 2.66 acres at 3200-3280 Alpine Rd, roughly 35 miles south of San Francisco and 20 miles northwest of San Jose.
The asset is comprised of seven single-story buildings that are fully leased to six tenants. Ladera Professional Center is less than one mile from I-280 which connects Portola Valley to the rest of the San Francisco Bay Area. It is four minutes to Sand Hill Road, five minutes to Stanford and proximate to four of the five cities ranked by income in the San Francisco Peninsula and Silicon Valley.
Charlie Strouss, Jonathan Ziegler, Yvonne Hsiung, Bob McSweeney and Todd Husak of CBRE’s Palo Alto office represented the seller, a private family investor.
“The barriers to entry in the Portola Valley office market are extremely high and we rarely see assets of this caliber trade,” said Strouss. “This property benefits from the area’s strong demographics, low inventory of office product and proximity to many of the Bay Area’s most prominent cities.”
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