Deal marks the 7th Bay Area acquisition for Longfellow as the company continues to increase its presence in one of the nation’s key life science markets
(EDITOR’S NOTE: According to sources with knowledge of the transaction detail, the property sold for around $80 million.)
Millbrae, CA (October 1, 2021) — Longfellow Real Estate Partners today announced its acquisition of the 2.07-acre site from seller Finn Capital, a privately-held real estate firm with over 3 decades of real estate expertise.
The Millbrae site is Longfellow’s seventh in the Bay Area, and is located adjacent to the Millbrae Transit Station, one of the largest transit hubs on the West Coast. The site is currently home to an 85,000+ SF self-storage facility, however Longfellow plans to construct over 260,000 square feet of Class A life science space, complete with top-end amenities. Construction on the new development is expected to start in 2023.
“We are excited to add 210 Adrian Road to our expanding Bay Area life science portfolio,” said Longfellow Managing Director Nick Frasco. “Located five minutes from San Francisco International Airport and immediately adjacent to the Millbrae Transit Station, one of the largest transit hubs on the West Coast, 210 Adrian Road will offer our tenants uniquely situated Class A lab space at the center of a vibrant, highlight amenitized, transit-oriented environment.”
“Longfellow is committed to investing in key life science clusters across the country. The Bay Area has long been one of the most dynamic markets for the industry, and the growth of our portfolio in the region is a response to the demand from life science and biotech companies.” said Longfellow CEO Adam Sichol. “The long-term success of our tenants is at the core of Longfellow’s mission, and as our tenants grow within our portfolio, the acquisition in Millbrae allows our firm to meet their growth.”
The sale of the Millbrae site reinforces Finn Capital and their investments on the Peninsula, and specifically in San Mateo County. Over the past three years, Finn Capital has invested over 250 million dollars in the county specifically, with an emphasis on building and advancing a thoughtful, long-lasting portfolio.
“Finn Capital’s long term ownership group is fundamentally interested in San Mateo County, along with its communities and outstanding opportunities,” said Stephen A. Finn, CEO Finn Capital. “This sale allows us to be nimble and thoughtful in our re-investments, while also aggressively moving forward with new, exciting opportunities.”
Finn Capital was represented by Charles Strouss, Yvonne Hsiung, and Jonathan Ziegler of CBRE and Longfellow Real Estate Partners represented itself.
Longfellow has spearheaded the development of life science clusters throughout the country with more than 12 million square feet located in key biotech markets. Finn Capital has over 1 million square feet currently owned and managed on the San Francisco Peninsula.
About Longfellow Real Estate Partners
Longfellow Real Estate Partners is the largest private life science real estate services firm in the United States. The firm’s portfolio spans more than 12 million square feet of laboratory and technology space, concentrated in the nation’s top markets for bio-innovation on both coasts including San Francisco, San Diego, New York City, Raleigh-Durham and Boston-Cambridge. Longfellow acquires and develops facilities in strategic locations and builds long-term relationships with research-centric organizations including life science companies, universities, medical centers, and research institutes. The firm’s institutional capabilities and entrepreneurial vision enables Longfellow to deliver high quality laboratories and innovation space while satisfying each tenant’s unique requirements. For more information, visit www.lfrep.com.
About Finn Capital
Finn Capital is a privately held real estate firm with over 3 decades of real estate expertise, located in San Mateo. Founded by Stephen A. Finn, one of the leading investors on the Peninsula. The firm invests in high quality versatile commercial, industrial, and residential multi- family assets. Finn Capital invests in the future of the community.