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6/18/18
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Phase 3 Real Estate Partners purchased a 104k sf, multi-tenant office building in Brisbane for $39.5 mil, or $380/sf. The building, located at 1000 Marina Blvd, was sold by Meridian in an off-market transaction.
Meridian acquired the six-story building, which was built in 1983 on four and one-half acres, in December of 2016. At the time of the acquisition, the building was 92% leased to seven tenants and the in-place rents were approximately 25% below the current market rents. During its ownership, Meridian performed over $2.5 mil in property upgrades to the interiors, exteriors and building systems of the building.
According to Meridian’s Senior Vice President, John Moutsanas, “This was Meridian’s largest general office acquisition at the time. We were big believers in the resurgence of the North San Mateo County market, particularly due to the explosion in life science demand, coupled with YouTube’s large presence and expanding footprint in San Bruno. Our strategy proved out.”
CBRE’s Northern California Capital Markets team represented both the buyer and the seller in the transaction.
“Meridian has a healthy pipeline with multiple projects currently in escrow and several completed projects listed for sale in our healthcare business platform,” said John Pollock, Meridian’s CEO. “With approximately 500k sf currently in development/redevelopment, plus another 500k sf in the development pipeline, we are still looking for more.”
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