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3/19/18
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A partnership between PCCP LLC and Lift Partners has purchased a 117.5k sf warehouse building in South San Francisco for $28.05 mil ($239/sf). The property, which is situated adjacent to Hwy 101, was sold by the former owner-user of the building.
Located at 100 Utah Ave, the property is just north of San Francisco International Airport, and five miles south of the City of San Francisco. The property is within the Brisbane and South San Francisco industrial market, which totals approximately 17.8 msf with very little available product.
“This is a unique asset,” said Mike Murray, a partner with Lift. “There are very few blocks of industrial space over 100k sf available on the Peninsula, we expect this project to achieve premium rents.”
Mark Melbye of Kidder Mathews brokered the deal on behalf of both parties and will handle leasing the asset, which is immediately available. “The supply of industrial space continues to shrink on the Peninsula as buildings are demolished for higher and better use. At the same time, we’re seeing increased demand with last-mile delivery and advanced manufacturing requirements. We expect to see a lot of activity on the asset,” said Melbye.
The San Francisco Bay Area industrial market remains one of the strongest in the nation. A dearth of new supply has led to record-setting land prices, rents, and property trades in core Bay Area submarkets. The South San Francisco market is one of the most supply-constrained areas within the entire Bay Area industrial market, having seen virtually no new industrial construction for the past 20 years, despite exceptional tenant demand for close‐in San Francisco distribution locations.
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