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4/25/22
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A Presidio Bay Ventures-led partnership has obtained $188 mil to finance the development of 777 Industrial, a planned 150k sf, Class A, R&D and life science lab building to be built in San Carlos. The construction funding was provided by Square Mile Capital Management LLC.
The site is currently home to an existing car dealership. The development will entail building a brand-new, four-story Class A building on top of the existing parking podium. The project will seek LEED Gold, FitWel, GBAC and USRC certifications and feature state-of-the art lab buildouts, a fitness center with full locker rooms, a 4k sf roof deck and ample outdoor seating. The prime location is both transit oriented and situated for highly sought-after visibility along the Highway 101 corridor.
The project is located within a half mile of the San Carlos Caltrain Station and is within walking distance to Downtown San Carlos, providing access to dining, services and transportation options. The property is less than 500 ft from the on and off ramp to Hwy 101, providing vehicular access to surrounding areas including both San Francisco and San Jose.
The development venture is led by K. Cyrus Sanandaji and Kabir Seth, and an institutional equity joint venture partner. The financing was arranged by Jeff Wilcox of Gantry.
Square Mile Capital Principal Eric Cohen noted, “The San Carlos submarket is a burgeoning hub of life science activity and we are bullish on its continued growth. We continue to seek investment opportunities in the growing Bay Area life science sector with top quality sponsors.”
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