By Jon Peterson
Redwood City-based Premia Capital has placed on the market for sale the 82,462 square foot San Carlos Science Center in San Carlos. The seller has owned the property since November of 2015 when it paid $38.5 million, or roughly $466 per square foot, for the property, as stated in public records. The owner declined to comment on potential pricing on the sale.
The listing agent on the sale is JLL. Those involved in the sale include Will Connors, Dan Renz and Erik Doyle. JLL declined to comment when contacted for this story.
“We have ownership of this property for one of our investment funds. The structure of this fund is such that we are not set to be a long-term holder of this asset, and that is why we are selling the property at this time. One of our major investors in the fund is the MIT Endowment,” said Mike Halow, owner of Premia Capital.
The San Carlos Science Center is located at 75 & 125 Shoreway Road. The new owner of the property will be able to add some value by bringing the rents up to market. The existing rents in the complex are now close to 30 percent percent below market, according to some estimates, and the average remaining lease term in the property is 4.7 years.
The single-story buildings have no vacancies. The biggest tenant in the property is Alkahest, which has two leases covering 36,812 square feet that run through April of 2024. The other tenants in the property are Omniox, Apexigen, BioCardia and USHW of California. The property has a parking facility that can hold up to 275 cars.
The San Carlos Science Center is the first life science property with which Premia Capital has been involved. “We are typically seeking to buy value-add office deals. The region that we invest in goes from San Mateo to Mountain View in the San Francisco Bay Area,” said Halow.