Sale illustrates the continued desirability of warehouse locations in San Francisco Peninsula submarkets
(EDITOR’S NOTE: According to industry reporting, the buyer of the property is Finn Capital, and the seller is Seven Springs L.P.)
San Francisco – Leading commercial real estate brokerage and investment services firm Colliers recently completed the sale of a single-story industrial facility in the Burlingame submarket of the San Francisco Peninsula. Colliers’ Tim Maas, Mike Davis, Tony Crossley and Darren Kuiper marketed the property on behalf of the seller, who had owned the property for several years.
“Demand for industrial assets remains incredible strong in the San Francisco Bay Area,” said Tim Maas, executive vice president at Colliers. “It was our pleasure to facilitate the sale of this well-performing asset with significant rental upside and development potential.”
1649 Adrian Road is a low-coverage, highly visible industrial asset with over 645 feet of frontage along Hwy 101 and an exit away from the San Francisco International Airport. Due to its transit-oriented location, the site is acutely positioned for a last-mile logistics facility or future redevelopment. Tenants also have access to the Millbrae BART located less than a mile north.
“We are excited with the recent acquisition of 1649 Adrian Road. This is a high quality, versatile asset, strategically located next to SFO with great visibility along Highway 101,” said Stephen Finn, the property buyer and founder of Finn Capital. The building was built in 1957 and encompasses 129,759 square feet. The total site area is 6.61 acres, or 287,905 square feet. At the time of the sale, the building was 100% leased to Lahlouh Inc., an end-to-end communications management services company based in Burlingame, which has been a tenant since 1996.
About Colliers International
Colliers (NASDAQ, TSX: CIGI) is a leading diversified professional services and investment management company. With operations in 67 countries, our more than 15,000 enterprising professionals work collaboratively to provide expert advice to real estate occupiers, owners and investors. For more than 25 years, our experienced leadership with significant insider ownership has delivered compound annual investment returns of almost 20% for shareholders. With annualized revenues of $3.0 billion ($3.3 billion including affiliates) and $40 billion of assets under management, we maximize the potential of property and accelerate the success of our clients and our people.