By Meghan Hall
San Francisco-based Graymark Capital, which has been an active commercial real estate investor across the Bay Area, is continuing to add to its portfolio through several transactions across the region. In two separate deals that closed on Wednesday, the company acquired three buildings located in Palo Alto. Graymark paid about $57 million in total, according to sources with direct knowledge of the transaction details.
The largest deal was for 1050 E. Meadow Circle in Palo Alto. Graymark purchased the property from a family trust and paid $25 million, or around $568 per square foot, for the office building. The asset totals 43,985 square feet, and it was developed in 1968.
In another deal, the company purchased an office building and an industrial property from Bay Area Industrial Corp. The industrial asset, the sole property in East Palo Alto, is located at 2197 E. Bayshore Road. The property sold for $16.9 million. In the same transaction a second building, adjacent to the 2197 E. Bayshore Rd. property, Graymark paid $14.9 million for 2225 E. Bayshore Rd. In total, the two buildings are 56,369 square feet, and Graymark’s investment came to $563 per square foot.
Graymark worked with both CBRE and Cushman & Wakefield on these transactions. CBRE represented the buyer on the 2225 & 2197 E Bayshore Drive deal, as well as the seller. Alec Haley represented Graymark Capital, while Patrick Reilly and Mina Mohamadi represented Bay Area Industrial Corp.
On the 1050 E. Meadow Circle sale, Graymark worked with Tucker Beim with Cushman & Wakefield.
Graymark Capital is a real estate investment firm headquartered in San Francisco and it invests in commercial properties throughout the West Coast. The company has acquired 2,700,000 square feet of institutional quality property valued at over $1.1 billion since 2012, according to an earlier release issued by the company.