Regions West | San Francisco
Shorenstein JV Takes 404,000SF San Fran Business Park
July 14, 2008
By: Barbra Murray, Contributing Editor

Oyster Point Business Park and Oyster Cove Marina in South San Francisco have just come under new ownership, courtesy of a deal valued at a reported $85 million. Shorenstein Properties L.L.C. partnered with SKS Investments to acquire the property, which consists of 404,200 square feet of flex/industrial space and a 235-berth marina, from Shelton Corp.

Oyster Point sits along 1,650 feet of waterfront on Oyster Point Blvd., just 1.5 miles from San Francisco International Airport. The marina was developed in 1982, the same year that the two-year construction period kicked off for the business park's six buildings. Presently 88 percent leased, the property sits on an approximately 34-acre parcel that can accommodate additional development in what has become a leading biotechnology corridor.

For its part, Shorenstein acquired Oyster Point on behalf of Shorenstein Realty Investors Nine L.P., a $2 billion private commingled fund that was established last year. NAI BT Commercial Investment Services Group orchestrated the transaction on behalf of the seller.

San Francisco-headquartered Shorenstein, established in 1924, acquires, develops and manages office and mixed-use properties across the country. The company is also a leading private real estate investment funds sponsor, having sponsored nine closed-end funds since 1992.

Also based in San Francisco, SKS is a commercial real estate investor, developer, advisor and manager focusing on adaptive re-use and other value-added investments in challenging and evolving urban communities across Northern California. The company and its affiliates have acquired, developed or repositioned more than 2 million square feet of commercial, residential and mixed-use properties over the last 16 years.

 
Recent San Francisco Headlines
San Fran Boutique Hotel Gets $45M Refi
Aug. 29, 2008
A refinancing deal valued at $45 million has closed for the 201-room Hotel Monaco San Francisco.
2.7M San Fran Biotech Project to Welcome Pfizer to 100,000-SF Space
Aug. 22, 2008
The Alexandria Center for Science and Technology at Mission Bay, a behemoth 2.7 million-square-foot life science cluster being developed by Alexandria Real Estate Equities Inc. in San Francisco, will become home to a division of Pfizer now that the pharmaceutical company has pre-leased 100,000 square feet at the property.
Mixed-Use Project Housing Fireman’s Fund Aims for Carbon Neutrality in 10 Years
Aug. 13, 2008
American Assets Inc. has revealed plans for The Commons at Mount Burdell, a green mixed-use project on a 65-acre site in Novato, Calif., about 30 miles north of San Francisco. According to the San Diego-based real estate company's calculations, the 1.5 million-square-foot development and redevelopment endeavor will be able to achieve carbon neutrality within a 10-year period. The Commons will evolve on the site of a Class A office complex on San Marin Drive. Home to the headquarters of the Fireman's Fund Insurance Co., American Assets acquired the property last year and will incorporate the existing buildings into the project. Ultimately, The Commons will encompass 800,000 square feet of new development that will include a premier hotel, retail space, meeting venues, a fitness facility and daycare accommodations. Additionally, 710,000 square feet of existing space will undergo renovation.
parcels HFF Arranges $56M Funding for $80M SFO Logistics Center Buy, Development
Aug. 13, 2008
Centrum Properties Inc. and Angelo, Gordon & Co. have secured $56.3 million in financing to acquire and reposition the SFO Logistics Center, a 572,000-square-foot warehouse-distribution center and adjacent 5.2-acre land parcel in south San Francisco that had been owned by the federal government for decades. An HFF executive who arranged the financing told CPN today the entire deal is worth $80 million.