San Francisco – August 29, 2016 – On behalf of Black Mountain Properties, CBRE Capital Markets has arranged the sale of San Carlos Business Park, a seven-building, 154,462-square-foot office and R&D campus in San Carlos, California.
Seth McKinnon, Scott Prosser, Joe Moriarty, Sean Sullivan and Tyler Myerdirk of CBRE Capital Markets represented the seller, Black Mountain Properties, LLC. Bob McSweeney of CBRE’s San Francisco Peninsula office provided local leasing expertise Advised by Newport Venture Capital, San Carlos VI, LLC, a Newport Beach investment firm acquired the site.
“Having owned the project for 20 years, the sale of the property provides Black Mountain Properties the strategic opportunity to grow their real estate portfolio beyond their core holdings within the San Francisco Peninsula,” said Mr. McKinnon, vice president, CBRE Capital Markets. “From the buyer’s perspective, recent class A office and multifamily developments within the San Francisco Peninsula have significantly reduced the number of similar flex/R&D parks, making the San Carlos Business Park one of the last remaining parks of its kind.”
Joseph J. Bullock, III, Chairman and CEO of Black Mountain Properties, LLC stated, “We know our tenants have a choice who they lease from and I would like to thank all of our valued tenants, some who have been in the San Carlos Business Park since 1994, for choosing to lease from Black Mountain Properties, LLC. I wish each of our loyal tenants continued success and prosperity in the future.”
At more than nine acres, the San Carlos Business Park is comprised of two parcels, one of which includes a ground lease for a 27,303-square-foot office building on 1.33 acres of land, and a larger parcel that includes six buildings totaling 127,159 square feet of R&D space on 7.67 acres of land.
With flexible build-outs for both office and R&D users and ample parking, the San Carlos Business Park is ideally located in the mid-peninsula market with access to Caltrain, major freeways and downtown San Carlos’ abundant amenities. The project is surrounded by neighboring developments that are transforming the market, including the adjacent Meridian 25, a fully entitled 528,520-square-foot office development by Windy Hill, and the proposed Hilton Hotel. Declining vacancy and increasing asking rates will continue to gain momentum with 2.5 million square feet of active tenant requirements in the mid-peninsula market, according to CBRE Research.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
