A partnership led by Presidio Bay Ventures has secured $118 million to develop a 150,000-square-foot class-A, R&D and life science lab building in San Carlos, California. Square Mile Capital Management originated the loan with financing arranged by Jeff Wilcox of Gantry.

Near San Carlos Caltrain Station and walking distance to Downtown San Carlos, the development will transform an existing car dealership into a four-story class-A building that will aim to meet LEED Gold, FitWel, GBAC and USRC certifications. The property will feature art lab buildouts, a fitness center with full locker rooms, an approximate 4,000 square foot roof deck and outdoor seating.

Presidio Bay acquired the property in December 2020, in a joint venture with private investment firm Kinship Capital. At the time of the acquisition, the joint venture planned to redevelop the property into a 123,000-square-foot class-A life science. 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. Although the property is on a 45,000-square-foot car dealership and surface parking lot, the project will take full advantage of the existing engineering infrastructure, which was already designed to withstand significant loads.

Continue Reading for Free

Register and gain access to:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.