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SOUTH SAN FRANCISCO-Montgomery Realty Group, Inc. has entered into a preliminary binding agreement to sell its Eccles Project acreage in South San Francisco for $12 million, payable in cash at closing.

The Eccles Project consists of about 7.4 acres of unimproved land. The project is located at Eccles Avenue and Gull Road in South San Francisco.

Montgomery has recently completed a Phase I environmental report, as well as a seismic refraction study and preliminary soils report, as a guide to development of the site. After an initial 90-day property review period, the buyer, who has not been identified, will have 180 days to obtain all development permits from the City of South San Francisco for the construction of a 180,000-sf or more biotech building on the Eccles property.

Montgomery can legally retain the $250,000 earnest money deposit, plus $15,000 per month buyer payments, if the purchase is not closed within 180 days following the expiration of the property review period.

“This agreement is an important step in implementing our new strategy involving the Eccles Project,” says Dinesh Maniar, president of Montgomery. “We believe that the sale of the Eccles Project at this time may position Montgomery to purchase replacement properties in the lagging San Francisco to San Jose real estate market that will benefit our stockholders.”

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