Sierra Investments, a San Mateo, Calif.-based commercial real estate investor purchased at the end of February of 2018 a 23,000 square-foot R&D/office asset located at 2 Davis Dr. in Belmont for $7,250,000, or just under $315 per square foot. The property sits on a 3.3-acre parcel, and it was sold by Davis Commercial LLC, a private investor. Davis Commercial had owned the property since April of 1988, when it paid $2.2 million for the development built in 1972, according to public records.
The subject property is currently 75 percent occupied by Woodman Laboratories, an entity owned by GoPro, and the remaining space is available on a NNN lease basis at $2.60 per square foot, according to the property flyer. Most importantly, however is the opportunity that the parcel offers for the new buyer. According to the marketing materials, the property provides additional undeveloped land area of 1.9 acres or 83,000 square feet, which could be used to develop additional 33,200 square feet of building envelope based upon the E-2 zoning criteria of 0.4 FAR.
The site is on the western side of the city, adjacent to Ralston Avenue, which feeds into US Highway 280 to the west and downtown Belmont to the east. And while the asset is surrounded by residential neighborhoods, its immediate neighbors are commercial properties and a school.
The site is also in close proximity to a number of properties and projects that relate to the Belmont Village Precise Plan Area and the Transit Corridor Development initiative. These are designed to create an identity and a sense of place for the city of Belmont, as well as enhance the Belmont town center as a mixed-use, pedestrian-scaled, transit-oriented district. They include the 490 El Camino Real, a 73-unit and 5,000 square-foot mixed-use project; Hilton Homewood Suites Hotel on 1201 Shoreway Road, a five-story, 62,640 square foot hotel on a one-acre property; Marriott Summerfield Suites located on 1402 Cormorant Drive, a project that includes the construction of a four-story, 169-room hotel on a 3.39-acre lot located at the southeast corner of the intersection of Shoreway Road and Cormorant Drive; and Autobahn Motors Mercedes Reconstruction Project at 700 Island Parkway, a 58,800 square-foot project that involves demolition of the existing facility and construction of a new dealership that will modernize the facilities and re-organize the space.
The Davis project was brokered by Bruce Paris, first vice president of CBRE’s Capital Markets team in Burlingame, Calif.