Lakes at Bayhill Office Property Trades

SAN BRUNO, CA—Canyon Capital Realty Advisors' along with Rubicon Point Partners, have closed on their fourth investment as a partnership, The Lakes at Bayhill office complex.

The Lakes, located in San Bruno features three class A office buildings in a park-like setting on 6.4 acres, with about 150,000 square feet of leasable space.

“The Lakes represents CCF-Rubicon partnership's largest acquisition to date,” said Ani Vartanian, managing partner of Rubicon Point Partners. “We are thrilled to acquire this property in a submarket with such compelling fundamentals.”

Canyon Capital is partnering with Rubicon through its Canyon Catalyst Fund (CCF), a joint venture between Canyon Capital Realty and the California Public Employees Retirement System (CalPERS) aimed at developing the next generation of real estate managers. Formed in 2013, the partnership between Rubicon Point Partners and the Canyon Catalyst Fund is focused on acquiring up to $100 million in Northern California office properties.

The Lakes at Bayhill is located within San Bruno's Bayhill Office Park, a premier San Francisco Peninsula market with a vacancy rate of less than 5%. The market is home to leading tech companies such as Google's YouTube and Walmart.com. The Lakes benefits from easy access to transit with BART and Caltrain stations within walking distance and San Francisco International Airport a five minute drive away. The property is situated at the nexus of three arterial freeways: Interstate 280, Highway 101, and Interstate 380. The Bayhill Office Park features outstanding amenities such as the Shops at Tanforan Mall and the Bayhill Shopping Center. The joint venture's property improvement program will focus on executing common area upgrades and maximizing the efficient use of the site.

“We are pleased to expand our partnership with Rubicon Point Partners,” said Maria Stamolis, senior managing director at Canyon Capital Realty. “They have proven to be an excellent value add investor and operator of Bay Area office properties. We also look forward to presenting existing and prospective tenants with a compelling value alternative in San Bruno.”