|
|
7/12/23
|
A 1.58-acre industrial site in the Bay Area city of Burlingame traded for $14.5 mil. The site, located at 890 Mahler Rd and 1550 Gilbreth Rd, is home to eight separate industrial suites in two adjacent buildings.
The transaction was comprised of two adjacent properties totaling 1.58 acres and 31.4k sf of leasable space. Both properties are zoned for warehouse use with flex office space. The properties include on-site external parking, 14-foot ceiling heights, and multiple drive-in bays for warehouse access.
Public transportation is nearby with BART’s Millbrae station less than two miles away and CalTrain Commuter rail station one mile from the properties. San Francisco Airport is just 3.2 miles away and the Port of Redwood City approximately a 20-minute drive.
Adam Levin, Robert Johnston and Jessica Tomasetti with Levin Johnston of Marcus and Millichap represented both the buyer and seller of the properties.
“Industrial properties, particularly ones located near transportation hubs, are in high demand even with the headwinds of economic concern and higher interest rates,” said Levin. “These assets, located right off the 101 Fwy, minutes from SFO, and a short drive to downtown San Francisco, are an example of a prime investment opportunity in a thriving Bay Area community.”
According to the National Association of Realtors, the region south of San Francisco including Burlingame, San Mateo, Santa Clara, and San Jose has experienced job growth of 3.3%, which is faster than the national growth rate. Continued demand for workers along with the deceleration of new supply, net new industrial inventory in the first quarter of 2023 was zero compared to -633.6k sf in Q1 2022, is keeping rent growth elevated at 6.1% and an average square foot rent of $27 compared to $25 in the same period last year.
|
|
 Return to the Archive page
|
|
|
|
|
Printer-friendly Version
Email an Associate
