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8/30/16
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A Newport Beach-based investment firm purchased San Carlos Business Park, a seven-building, 154.5k sf office and R&D campus in the Bay Area city of San Carlos. The asset was sold by Black Mountain Properties in a $61.1 mil ($395/sf) deal.
Covering over nine acres, San Carlos Business Park is comprised of two parcels, one of which includes a ground lease for a 27.3k sf office building on 1.33 acres of land, and a larger parcel that includes six buildings totaling 127.2k sf of R&D space on 7.67 acres of land.
Seth McKinnon, Scott Prosser, Joe Moriarty, Sean Sullivan and Tyler Myerdirk of CBRE Capital Markets represented Black Mountain Properties LLC in the transaction. Bob McSweeney of CBRE’s San Francisco Peninsula office provided local leasing expertise. The buyer, San Carlos VI LLC, was advised in the deal by Newport Venture Capital.
“Having owned the project for 20 years, the sale of the property provides Black Mountain Properties the strategic opportunity to grow their real estate portfolio beyond their core holdings within the San Francisco Peninsula,” said McKinnon, vice president, CBRE Capital Markets. “From the buyer’s perspective, recent Class A office and multifamily developments within the San Francisco Peninsula have significantly reduced the number of similar flex/R&D parks, making the San Carlos Business Park one of the last remaining parks of its kind.”
With flexible build-outs for both office and R&D users and ample parking, the San Carlos Business Park is ideally located in the mid-peninsula market with access to Caltrain, major freeways and downtown San Carlos’ abundant amenities. The project is surrounded by neighboring developments that are transforming the market, including the adjacent Meridian 25, a fully entitled 528.5k sf office development by Windy Hill, and the proposed Hilton Hotel. Declining vacancy and increasing asking rates will continue to gain momentum with 2.5 msf of active tenant requirements in the mid-peninsula market, according to CBRE Research.
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