This industrial complex was initially constructed in 1951 and has been developed to include 3 separate freestanding buildings. The property is currently 100% leased and includes 5 tenants with term and month-to-month rental agreements. Over the past several decades, the base of industrial buildings of this nature has been significantly reduced as these properties have been redeveloped to Residential, Retail, and Office/R&D. Today, we generally find that the demand for buildings within this category exceeds the local supply.
Lou Hirsh of CoStar writes “China-based developer Oceanwide Holdings Co. Ltd agreed to sell a partially built project in downtown San Francisco that would create the city’s second-tallest building to another developer from China for $1 Billion, a deal that would be the priciest in city history.
Bruce Byers of CoStar writes “The public Buildings Reform Board, a federal advisory committee established by the Federal Assets Sale and Transfer Act of 2016, has recommended that the General Services Administration put 12 properties worth about $750 million on the market.