Redwood City, CA – Colliers International announced today the acquisition of an ±87,000 square foot, multi-tenant distribution building situated on ±2.95 acres and located at 1200-1220 San Mateo Avenue in South San Francisco. IIT Acquisitions LLC, dba Industrial Income Trust, acquired the property for an undisclosed amount from Kelly & Tony Investment Company, LLC.
This is the largest industrial sale on the peninsula this year and represents Industrial Income Trust’s second acquisition on the San Francisco peninsula. The Colorado based company has successfully expanded its portfolio in the San Francisco Bay Area to over 1,000,000 sq. ft. in a little over two years. This transaction represents another strategic move in securing a core asset in this highly competitive market.
“The property was fully leased at the close of escrow and the building’s functionality will serve a wide variety of future tenants”, said Mike Davis of Colliers International. “The South San Francisco submarket has recently seen declining vacancy rates and a roll over in leases will allow the Landlord to capitalize on supply limitation and realize a solid upside in rents”
1200-1220 San Mateo Avenue features 20-22’ clear height, full sprinkler system, multiple dock and grade level loading positions, multi and single tenant capability, with flexible zoning and close proximity to San Francisco and the SFO International Airport.
Mike Davis and Michael Draeger of Colliers International, Senior Vice President and Associate of the San Francisco Peninsula office, represented Industrial Income Trust in the transaction.
About Colliers International
Colliers International is a global leader in commercial real estate services, with over 13,500 professionals operating out of more than 482 offices in 62 countries. A subsidiary of FirstService Corporation, Colliers International delivers a full range of services to real estate users, owners and investors worldwide, including global corporate solutions, brokerage, property and asset management, hotel investment sales and consulting, valuation, consulting and appraisal services, mortgage banking and insightful research. The latest annual survey by the Lipsey Company ranked Colliers International as the second-most recognized commercial real estate firm in the world.