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SOUTH SAN FRANCISCO-Dallas-based Hines has sold three South San Francisco buildings totaling 150,000 sf to San Mateo-based The Raiser Organization and local developer Harvey Chapman for about $48 million, or $325/sf.

The buildings are located at 600 to 650 Gateway Blvd. The Raiser Organization, which focuses on commercial and senior living development acquisitions, also has agreed to purchase 630 Gateway Blvd., which Hines will complete at the end of next year. The 250-person organization, founded by the late John A. Raiser and now managed by his children – Phillip and Jennifer – owns 700,000-sf with another 1 million under management. Hines develops and manages a portfolio that includes corporate headquarters, mixed-use centers, industrial complexes, and master-planned resort and residential communities.

Hines currently owns and manages three properties on Gateway Boulevard, 710, 801 and 901 Gateway Blvd., which are 170,310 sf, 136,193 sf, and 110,428 sf, respectively. Coulter Pharmaceuticals, which was recently acquired by Corixa, is a major tenant in all three buildings, which are each 50,000-sf and two-stories tall. Phillip Raiser, the organization’s president, says he selected the Gateway buildings because of its location, tenant improvements and biotech tenants.

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