Sale marks the first time the asset has been traded in nearly 50 years
(EDITOR’S NOTE: According to earlier reporting by The Registry, the property was placed on the market in October of 2021, and sellers were looking for pricing in the high $30 millions to low $40 millions.)
San Francisco – December 22, 2021 – CBRE and Woodstock Development announced the sale of Ladera Professional Center, an office property in Portola Valley, Calif., to Burlingame-based Woodstock Development for $40.35 million (~$1,722 per square foot).
Located at 3200-3280 Alpine Road, the 23,420 square-foot property was originally built in 1964 on a 2.66-acre site. The asset is comprised of seven single-story buildings that are fully leased to six tenants.
“Ladera is a legacy asset for Woodstock’s portfolio,” said Woodstock Development’s President Kirk Syme. “We love the Portola Valley location, proximate amenities and services, and quality tenant profile. This will be a nice complement to our other office investments in Downtown Redwood City, San Mateo and Burlingame.”
Charlie Strouss, Jonathan Ziegler, Yvonne Hsiung, Bob McSweeney and Todd Husak of CBRE’s Palo Alto office represented the seller, a private family investor.
“The barriers to entry in the Portola Valley office market are extremely high and we rarely see assets of this caliber trade,” said Mr. Strouss. “This property benefits from the area’s strong demographics, low inventory of office product and proximity to many of the Bay Area’s most prominent cities.”
Ladera Professional Center is less than one mile from I-280 which connects Portola Valley to the rest of the San Francisco Bay Area. It is four minutes to Sand Hill Road, five minutes to Stanford and proximate to four of the five cities ranked by income in the San Francisco Peninsula and Silicon Valley. The asset is located approximately 35 miles south of San Francisco and 20 miles northwest of San Jose.
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 2020 revenue). The company has more than 100,000 employees serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of 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.
About Woodstock Development
Woodstock Development, Inc. was founded in 1995 in Burlingame, CA. Woodstock focuses on investments and the development of premier office and Life Science properties in the San Francisco Bay Area. Woodstock has entitled and/or developed over 3 million square feet of Class A Office and Life Science space over the past 26 years and currently has over 2 million square feet in its development pipeline in the Bay Area. For more information, please visit www.woodstockdevelopment.com