SAN FRANCISCO-A fund of locally based Shorenstein Properties and SKS Investments have paid $85 million for the Oyster Point Business Park and Oyster Cove Marina, a six-building flex/industrial property with adjacent 235-berth marina in South San Francisco. The land currently holds 400,000 sf of 1980s-era industrial buildings that are 88% leased, however; thanks to a planned rezoning by the city the land could be re-entitled for approximately 1 million sf of high-end office or biotech R&D space.

Located at 375-389 Oyster Point Blvd., the property is 5 minutes north of the San Francisco International Airport and surrounded by life science companies. It is also within walking distance of a new ferry terminal that is supposed to open next year. A source familiar with the property and the buyer tells that Shorenstein has no near-term plans to redevelop the site – though that is the plan eventually — and is currently signing multi-year leases for certain buildings within the development.

Several well-heeled buyers reportedly submitted best and final offers, including REITs, private developers and would-be owner-users. Chief South San Francisco Planner Susy Kalkin told earlier this year that Alexandria Real Estate Equities and Healthcare Property Investors Inc. and Hines were among the six or so companies that had conversations with the city about potential entitlements for the site.

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