SAN FRANCISCO, CA – December 5, 2013 – HFF announced today that it has closed the sale of 400 South El Camino Real, a 14-story, 145,986-square-foot, Class A office property in downtown San Mateo, California.
HFF represented the seller, Equity Office Properties in this transaction. Romel Enterprises, LLC purchased the asset for an undisclosed amount free and clear of debt. Romel’s real estate portfolio primarily consists of Class A properties throughout the country, and the firm will continue to seek these ‘institutional-quality’ assets.
Originally completed in 1973, 400 South El Camino Real was renovated in 2003 and is 91 percent leased to tenants including UBS, Chicago Title Insurance/Fidelity National Title Group, TD Ameritrade, ZS Associates and the U.S. Army. The property also features a six-story, 254-space parking structure and 360 degree views of the Peninsula and San Francisco Bay. Situated in downtown San Mateo, 400 South El Camino Real is within walking distance of the San Mateo Caltrain Station and close to US Highway 101, Interstate 280 and State Highway 92 providing access to San Francisco and Silicon Valley.
The HFF investment sales team representing the seller was led by managing director Steven Golubchik, senior managing director and co-head of HFF’s national office investment sales platform Michael Leggett and director John Simerlein.
“This property has a prime location in downtown San Mateo, which continues to see strong demand from tenants looking for office space in walkable and amenity-rich locations with access to Caltrain,” said Golubchik. “Historically, 400 South El Camino Real has outperformed both San Mateo City and County, posting substantially higher average occupancy levels and rental rates.”
Equity Office Properties is one of the largest and most well-respected commercial real estate firms in the nation, with a portfolio encompassing 70 million square feet of Class A office space under management in superior locations throughout the country. For more information, visit www.equityoffice.com.
HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit www.hfflp.com or follow HFF on Twitter at www.twitter.com/hff.