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Who Says Commercial Real Estate is on the Wane?

Blu Harbor, a 402-unit multifamily community in Redwood City, has sold for $325.6 million to GID, a Boston investment firm, by the partnership of Pauls Corporation and Fortress Investment Group.

Blu Harbor Blu Harbor features a mix of studio, one-bedroom, two-bedroom and three-bedroom units.

REDWOOD CITY, CA—There has been a bit of hand-wringing about “will it or won’t it?” in recent months. The “it” of course, being the Bay Area commercial real estate market. However, a recent transaction should dispel those worries ever so slightly.

Blu Harbor, a 402-unit multifamily community at 1 Blu Harbor Blvd. in Redwood City, has sold for $325.6 million. The buyer was GID, a privately held real estate investment firm headquartered in Boston. The seller was a partnership between Pauls Corporation, a capital management and real estate development firm based in Denver, and Fortress Investment Group, an investment manager headquartered in New York.

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Lisa Brown

Lisa Brown

Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.

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