SAN FRANCISCO—Those who follow @GlobeStcom on Twitter and @GlobeStLIVE may have seen a post teasing the announcement, but GlobeSt.com has learned that Prologis Inc. has sold a 21-building, 56-acre industrial park to Facebook Inc. As part of the transaction, Prologis will provide ongoing management services on behalf of Facebook.
Menlo Science & Technology Park is located on Willow Road between Highway 101 and the Dumbarton Bridge in Menlo Park, CA. Prologis has owned and managed the property since 1998.
"Land constraints and increased urbanization pressures in markets such as Silicon Valley support the monetization of select infill assets," says Michael Curless, chief investment officer of Prologis. "This project and others in our portfolio benefit from our dedicated team who understand how to identify and unlock the intrinsic value in our value-added conversion properties."
According to Mark Hansen, SVP of value added investments at Prologis, "Our team has spent the past several years planning the conversion of this site for higher and better use. We are pleased to see our efforts materialize and provide a strong foundation for the future redevelopment of the site."
GlobeSt.com will update this story as we learn more.
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