CBRE announced that it has completed the $76.65 million sale of Shaw Business Center, a 8.2-acre covered land play in a strategic South San Francisco location. Darla Longo, Rebecca Perlmutter and the West Coast National Partners team along with Marshall Hydorn, David Black and Karl Hansen of CBRE represented the seller, SBC Investors. Prologis, the global leader in logistics real estate, purchased the property and was self-represented.
“This was an extremely rare opportunity to acquire a site of this size in South San Francisco,” said Perlmutter. “Users will gravitate to this excellent last mile location, with 3.5 million people within a 25-mile radius. The property is prime for redevelopment and could become the only state-of-the-art industrial campus serving San Francisco and the North Peninsula.”
“This transaction is part of our strategy to acquire properties near urban population centers and add value to drive growth,” said Darren Kenney, Prologis, senior vice president of capital deployment. “We are excited to expand our 3.2 million square foot portfolio in supply-constrained San Mateo County and find more opportunities to meet the demand for Last Touch® facilities.”
Located at 200-212 Shaw Road, 214-218 Shaw Road and 1264-1272 San Mateo Avenue, the property is adjacent to San Francisco International Airport and U.S. Route 101, connecting South Francisco to the rest of the Bay Area. The site is also 3.5 blocks from the BART San Bruno station and five blocks from the Calrain San Bruno station.
The North San Mateo County industrial market continues to tighten with a declining industrial base and increasing tenant demand.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas is the world’s largest commercial real estate services and investment firm (based on 2019 revenue). The company has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.