By Jon Peterson
Woodside-based WP Investments has paid $19.5 million, or $269 per square foot, to acquire the 72,340 square foot Bayside Business Center in San Carlos. The mixed use property has office, retail and industrial uses on site, and is is located at 1121-1125 Industrial Road.
This is not the buyer’s first transaction in the Peninsula city. WP Investments had made two other investments in San Carlos. “This is our third acquisition in the city of San Carlos in recent years. We were attracted to the 3 building mix of retail, office and light industrial buildings, due to its visibility from the 101 Freeway, the rapidly changing neighborhood (which includes a variety of new/planned retail, office, hospital, hotel developments) and the opportunity to improve the buildings to lease up the remaining vacancy of approximately 11,000 square feet,” said Bruce Isackson, a principal with WP Investments.[contextly_sidebar id=”NpM9utUu1WRNKGfBh7zSfmrl8bzHQcJa”]Isackson feels good about the prospects of leasing up the rest of the property. “We are very confident that in the near future we will be able to lease up the remaining empty space. We are now talking with some retail tenants about the property at this time,” he added.
The property has a variety of tenants. This includes Road Runner Sports, Home Consignment Center and Satellite Health Care, and it is adjacent to a number of retailers including REI, Ross, Office Depot and Best Buy.
The seller of the property was JD Molex One, LLC. This is a private family partnership. Larry Blickman, a senior managing director with Cushman & Wakefield, represented both the buyer and seller in the transaction. He works out of the company’s regional office in Burlingame.
WP Investments wants to buy additional assets in the San Francisco Bay Area. This would include properties in the South Bay and on the Peninsula. The company owns a number of assets in the region, including the 1.2 million square foot Fleming Business Park in Milpitas and the Veterans Square shopping center in Redwood City.