By Jon Peterson
Across the Bay Area, redevelopment sites can at times be one of the major reasons more housing is difficult to build. But one private investor based on the Peninsula is looking to test the market with its development site located at 1875 California Drive in Burlingame. The asking price on the asset is $11 million, according to the property’s offering document.
The seller has hired the Marcus & Millichap office in Palo Alto to be the listing agent on the sale. The team working on the transaction includes Kirk Trammell, executive managing director, David Cutler and Joshua Johnson, both first vice presidents at the firm. Marcus & Millichap did not respond to phone calls seeking comment for this story.
The current owner of the site has remained constant since 2001 when the asset was acquired for $1.5 million, according to public records.
The development site has a total size of 15,848 square feet, and it is located at the corner of California Drive and Murchison Drive. The site sits in the North Burlingame Mixed-Use Zone allowing for either residential, commercial or a mixture between the two development types to be constructed. The general plan in Burlingame allows for up to 140 residential units per acre, and office development at a maximum of 2.0 floor area ratio and commercial development of 1.0 floor area ratio maximum.
The site is well located near major mass transportation, and it provides connectivity throughout the rest of the region. It’s less than one-quarter of a mile from the Millbrae Intermodal Station, which is served by both BART and Caltrain. This would allow the riders to be in San Francisco in 30 minutes and Oakland in 40 minutes. It is also proximate to the San Francisco International Airport, providing further access to transportation across the country and internationally.
There is some major new development activity occurring near the site presently. One of the major projects is Gateway at Millbrae Station located a few miles from 1875 California Drive. This $400 million project is scheduled to be completed later this year. It is a mixed-use development that features 400 multifamily units, 151,000 square feet of office, 44,123 square feet of retail and a 163-room hotel.
The development site also has two grocery stores that are within walking distance. These are Lucky Supermarket and Lunardi’s, both of which are less than one-quarter of a mile away.