Alexandria Sells 20 Percent Interest in Mission Bay Property for $25MM

Alexandria Real Estate Equities, Mission Bay, San Francisco, Mission Bay South Redevelopment Project

By Kate Snyder

In yet another disposition of interest in one of its Mission Bay sites, Alexandria Real Estate Equities sold off 20 percent interest from its property at 1450 Owens St. in San Francisco, according to a third quarter earnings report that was recently released by the firm. The $25 million deal took place earlier this year with an equity partner, though the partner was not named. Per the report, as of Sept. 30, the noncontrolling interest share of Alexandria’s joint venture partner was 34.5 percent.

The sale was part of $323 million gained from dispositions, which also includes other properties in San Francisco as well as Southern California.

The property at 1450 Owens is part of the Mission Bay South Redevelopment Project, which involves the development of 6,400 housing units and 4.4 million square feet of new commercial space, the new UCSF research campus and medical center, 419,000 square feet of retail and 41 acres of public open space, according to The Registry’s previous reporting. The Mission Bay South Redevelopment Project is one of two Redevelopment Project Areas that make up Mission Bay, which covers 302 acres of land between the San Francisco Bay and Interstate-280.

At 1450 Owens, Pasadena-based Alexandria had planned to build 133,000 square feet of lab spaces, including conference rooms, 49,999 square feet of office and 2,600 square feet of ground floor retail, according to previous reporting by The Registry.

Additionally, last year, Alexandria sold interests in two other Mission Bay assets to Nuveen for $274 million, according to the information stated in Alexandria’s third-quarter 2021 earnings report. Those properties were 409/499 Illinois Street and 1500 Owens Street. The venture on 1500 Owens had the ownership split of 50.1 percent to Alexandria and the other 49.1 percent to Nuveen.

Other property sales outlined in the most recent report included 7000 Shoreline Court and 341-343 Oyster Point Boulevard in South San Francisco and 75-125 Shoreway Road in San Carlos. According to The Registry’s previous reporting, the property at 7000 Shoreline Court sold for $170 million and the property at 71-725 Shoreway Road sold for $88 million. The property at 341-343 Oyster Point Boulevard sold for $130 million. GI Partners was the buyer for all three.

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