(EDITOR’S NOTE: According to sources with knowledge of the transaction details, the property traded for $45 million.)
San Francisco, CA (April 13, 2022) — Newmark announces it has completed the sale of 250 Walnut Street, a rare 6.5-acre freeway-fronting research and development opportunity in Redwood City, California.
Newmark Executive Vice Chairman and President, Western Region Capital Markets Steven Golubchik, Vice Chairmen Nicholas Bicardo and Edmund Najera, Senior Managing Director Jonathan Schaefler, and Director Darren Hollak facilitated the transaction. The seller was an affiliate of Balboa Retail Partners, and the buyer was Menlo Equities.
“250 Walnut provides the investor a rare freeway-fronting location within the dynamic Redwood City market,” said Golubchik. “The property presents scale to create a transformative mixed-use project in one of the tightest Peninsula markets.”
250 Walnut is proximately located along Highway 101 and Downtown Redwood City, providing convenient access to vehicular transportation and walkable access to Caltrain. The property is surrounded by robust multi-family developments of over 3,800 recently constructed, under construction and planned units.
250 Walnut has the ability to deliver scale into a supply-constrained market with a severe supply-demand imbalance. According to Newmark Research, the current life science vacancy rate is recorded at 4.9%, accounting for total availability of 1.6 million square feet with current tenant demand amounting to 4.5 million square feet across 46 requirements.
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Newmark generated revenues in excess of $2.9 billion for the year ending December 31, 2021. Newmark’s company-owned offices, together with its business partners, operate from approximately 160 offices with over 6,200 professionals around the world. To learn more, visit nmrk.com or follow @newmark.