Lift Partners Sells West Coast Industrial Portfolio to TPG, Including Eight Bay Area Assets, for $333MM

Lift Partners, TPG, Waymo, 201 Toland, 301 Toland, Mountain View, Hayward, Seattle, TREP, Lift Partners Fund I,
Courtesy of Joshua Sortino.

By Meghan Hall

In a major industrial deal, TPG Real Estate Partners has purchased an expansive portfolio of West Coast properties, including eight assets in the Bay Area. The Bay Area assets sold for a combined $198.9 million, according to public records. TPG purchased the properties from San Francisco-based Lift Partners.

The assets are located at and sold for:

  • 201 Toland in San Francisco which sold for $66.4 million. The building totals 32,000 square feet and is currently home to Waymo, a self-driving car company.
  • 301 Toland in San Francisco traded for $42.275. The building includes 106,920 square feet.
  • 6000 3rd Street, which is 90,000 square feet, in San Francisco sold for $23.25 million.
  • 2070 Newcomb, also in San Francisco, sold for $9.5 million. The building is 20,000 square feet in size.
  • 1950 Marina, a 106,000 square foot building, in San Leandro traded for $23.9 million.
  • 777 139th in San Leandro sold for $7.25 million. The property is a 24,720 square foot value-add industrial building.
  • 2500 Old Middlefield Road in Mountain View sold for $13.35 million. The asset totals 22,000 square feet.
  • 3202 Investment Boulevard in Hayward: $13 million, which is about 49,520 square feet. 

All eight properties were part of a larger, 16-asset portfolio that totaled 2 million square feet of space and 48 acres of land. The eight other properties were located in the Puget Sound, where TPG acquired assets in Seattle, Kent, Wash., and Tukwila, Wash. There, TPG spent $134 million. At the time of sale, the portfolio was about 90 percent occupied. 

Lift will maintain its position as an asset manager for the properties on behalf of a new partnership with TREP.

According to industry sources familiar with the transaction, the deals were part of a recapitalization and sale of Lift Partners’ Fund I assets. Fund I is Lift Partners’ first fund, which closed in July of 2018 and raised $102 million in commitments. The fund targeted value-add investments of industrial and office properties along the West Coast.

West Coast Commercial Real Estate News