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3/06/23
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Longfellow Real Estate Partners has obtained a $310 mil construction loan for the development of Avia Labs at Millbrae Station, a best-in-class life sciences development totaling 315k sf at the Bart and Caltrain station in the Bay Area city of Millbrae. The project will be the first all-electric life sciences development in California.
Longfellow broke ground on Avia Labs on March 1, 2023. The six-story, Class A building is targeting LEED Gold and Fitwel certifications and emphasizes both energy efficiency and quality of life for tenants. The on-site amenity package includes a fitness center, a public café open to the community, large conference spaces, bike storage, two levels of underground parking and a large terrace with city and mountain views.
The property is positioned on 2.1 acres at 210 Adrian Rd in Millbrae, which is in the North County submarket of the Mid-Peninsula. The North County submarket is extremely undersupplied with a vacancy rate of 1.8% as of 4Q 2022, positioning the project well for lease-up. In addition, Avia Labs is directly adjacent to the Millbrae BART and CalTrain station and in close proximity to the world-class research institutions at Stanford, Berkeley and UCSF.
Jordan Angel, Lillian Roos and Pat Aslanian with JLL Capital Markets arranged the loan, which was funded through Otera Capital.
“The Bay Area remains one of the crucial global hubs for life science innovation within our international portfolio. As we continue to expand our presence in the region, we look forward to delivering ground-up projects that are built to accommodate the robust requirements of our tenants.” said Longfellow Co-Founder & CEO Adam Sichol. “Avia Labs will not only provide top-quality lab and office space but reflect Longfellow’s commitment to environmental sustainability across our portfolio.”
“Millbrae is the only transit station in the greater Bay Area where both BART and CalTrain come together in one station, providing an incredible opportunity for tenants to have public transit options to the East Bay, San Francisco, the Peninsula and Greater Silicon Valley, while being in the epicenter of one of the top life sciences markets in the world,” Angel noted.
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