SAN CARLOS, CA—Developer Presidio Bay Ventures, in a joint venture with private investment firm, Kinship Capital, recently acquired 777 Industrial Rd. The joint venture plans to redevelop the property into a 123,000-square-foot class-A life science building located within one of the Bay Area's fastest growing life science clusters.

Presidio Bay and Kinship Capital were awarded the acquisition after demonstrating a clear commitment to closing during a closely held off-market sales process. This process was launched soon after the initial shelter-in-place orders were announced earlier this year.

"We've seen tremendous growth and opportunity in the life sciences sector, which has only accelerated through the COVID-19 pandemic with renewed investment into research and development. In particular, San Carlos has garnered momentum in the space in recent years with its East Side Innovation District Plan and several new or under development biotech campuses," said K. Cyrus Sanandaji, managing director for Presidio Bay Ventures. "With 777 Industrial Rd., we're proud to continue expanding our investments in the life sciences sector and join its burgeoning community in San Carlos. As our first investment in San Carlos, we look forward to building a longstanding relationship with the city's planning and building departments as well as the broader community."