Nearon Enterprises, Woodstock Development Sell Crossroads Research Center in Union City
The joint venture acquired the four-building life science campus in 2001, and has maintained 100% occupancy since taking ownership.
A joint venture between Nearon Enterprises and Woodstock Development has sold Crossroads Research Center in Union City. Crossroads Research Center is a four-building life science campus totaling 322,000 square feet.
Nearon Enterprises and Woodstock Development purchased the property in 2001 when it was still under construction. Since taking ownership, the property has been 100% occupied. Today, demand for life science space has exploded in the market, which is in the Bay Area—and the demand has led to a flurry of investment activity.
In addition to this deal, IQHQ acquired Elco Yards, a fully entitled and shovel-ready office and life science development site in Downtown Redwood City, in November. The plans allow for four buildings totaling 600,000 square feet and two residential buildings with 540 units, 147 of which will be reserved for affordable housing. The project is the first of its kind in the market. The purchase price was not disclosed. And, Long Market Property Partners has acquired a 22,043-square-foot research and development property at 1440 4th St. in Berkeley, California, with plans to convert the property into a life science use. The investor secured $9.75 million in financing to purchase and reposition the asset.
The terms of this deal were not disclosed, but Invesco did secure a five-year, floating-rate acquisition loan through Invesco Real Estate. JLL senior managing director Will Connors, senior directors Daniel Renz and Erik Hanson, director Michael Manas and VP Cheri Pierce represented the seller in the transaction.
The property is located on a 23.1-acre site near the I-880 corridor, which has been a high growth area for life science. This means the property is accessible from Mid-Peninsula, Silicon Valley and East Bay, and major talent pools at UC Berkeley, UCSF, Stanford University, Santa Clara University and San Jose State University.
The property has already been tailored to life science users. It features 18-foot to 24-foot clear heights, a substantial mix of dock and grade doors serving each building and an above-market parking ratio.
Despite selling this asset, Kirk Syme, president at Woodstock Development, said the firm will continue to invest in the Union City market.