(CORRECTION: In an earlier version of this story, The Registry, based on a report by Newmark indicated that this transaction was an equity deal for Bayview Development. According to Ted McMahon, the company’s chief investment officer, the valuation was reported for financing and accounting purposes, and it did not constitute a sale or an equity partnership deal.)
In an accounting transaction that was recorded by Santa Clara County in March of 2022, a newly-constructed 184,614 square foot property located at 3655 Kifer Road recorded a refinancing in the amount of $129,575,000. Bayview Development Group, which confirmed this transaction was not a sale, was required by the county to record the refinancing in this manner in order to satisfy the county’s request for a 45-day review of the transaction.
The property, formerly known as Lawrence Station sits on the corner of Kifer Road and Lawrence Expressway in a prominent part of Santa Clara and was completed in March of 2021. The building is a five-story, Class-A property that offers future expansion up to 250,000 square feet, as well as 17.5 feet of clearance, suitable for life science use, according to the property’s website. The property also offers parking at a 3.3/1,000 square feet parking ratio and provides expansive balconies and outdoor amenity spaces.
Most importantly, the building is just one block away from Caltrain’s Lawrence Station, providing connectivity north and south across the region.
The building is located near numerous retail locations, hotels and restaurants, according to the property’s website. An additional 50,000 square feet. of retail space is under development on the northeast corner of Lawrence Expressway and Kifer Road and more than 2,000 residential units, when fully built, will be within walking distance to Lawrence Station, the marketing materials indicate.
The property is marketed by JLL’s Mark Bodie, Toss Vallentine and Bart Lammersen.
San Jose-based Bayview Development Group also owns property next door. In December of 2016, the company purchased a 144,000 square foot Class A office building located at 3689 Kifer Road from Rialto Capital Management.
According to its website, the company is a privately held real estate development and investment firm focused on developing high-density, mixed-use projects in Northern California. It had two prominent development projects underway—MIRO, a two-tower, 630-unit apartment development in located at 167 East Santa Clara Street in San Jose and St. Patrick’s Way, a 499-unit residential complex in Dublin, Calif. MIRO has been completed and it is currently in lease-up, while St. Patrick’s Way was entitled and sold to Avalon Bay in 2021.