(EDITOR’S NOTE: According to sources familiar with the transaction, the parcel sold for $13 million.)
Burlingame, CA (July 1, 2019) – CBRE announced today the disposition of a 76,000-square-foot, 1.76-acre TOD property in Millbrae, California on behalf of a local owner/user.
Bruce Paris of CBRE’s Capital Markets/National Land Services Group and Alex Wilson of CBRE’s Advisory & Transaction Services Group arranged the sale on behalf of the seller, The John Hansen Company, who had operated its longstanding family business at the subject location within an existing 36,550 square foot single-story industrial building. The property was acquired by a locally based private investment and development entity.
Located at 355 – 369 Adrian Road, the central Peninsula property is strategically positioned just east of the corner of Rollins and Adrian Roads and is immediately accessible from Millbrae Avenue via Highway 101. CBRE’s San Francisco Peninsula office Capital Markets team led by Bruce Paris in CBRE’s Burlingame office marketed the property for sale. The sale was completed without entitlements, although a number of potential redevelopment scenarios are viable for the completely flat and highly desirable site, which includes MSASP pre-entitlement density and height criteria.
The site was originally developed as a traditional industrial manufacturing property in the 1960s under Millbrae’s industrial zoning of that period.
“Today the site’s highly functional 1.76 level acres and relative economic scale represent a rare opportunity for the City of Millbrae and the new ownership to develop the site consistent with the MSASP, which offers a maximum height potential of 85 feet in 8 stories with a potential mixed-use FAR of 5.75,” said Paris. “Ultimately, the purchaser’s unentitled redevelopment plan and non-contingent close were seen as the most advantageous option for the seller, who had determined the site insufficient for its growing business objectives.”
“Remaining underdeveloped parcels on the Peninsula are in ever-declining supply, and the majority of such sites that have been or will be available in the future are typically redevelopment, surplus or former public facility-use properties,” said Paris.
Bruce Paris in conjunction with CBRE’s Investment & Development Services platform, largely focuses his efforts on the increasing demand of investors and developers both nationally and internationally, providing a value-add and redevelopment-oriented specialty service centered in the San Francisco Peninsula market.About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.