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SAN MATEO, CA-A 12-story office tower and four adjacent one- and two-story office buildings here known as Bayview Plaza have sold for approximately $40 million. Cornerstone Properties sold the 199,442-sf (net rentable) complex to locally based Sares Regis Group of Northern California and an investment client managed by BlackRock. Capmark Financial Group of San Mateo financed the acquisition.

Located at 2121 South El Camino Real, Bayview Plaza is home to one of the few high-rise structures in the immediate area. The new ownership plans to invest $10 million renovate the property and leasing it up. Occupancy is currently 81%. Tenants include BrownTrout, Enkata Technologies, Gurnick Academy and Bayview Lending. The property includes 622 parking spaces.

“This property is attractive because of its strategic location near several key Bay Area transportation corridors and the significant upside potential,” says Jeff Birdwell, President of Sares Regis Group’s commercial division. “The Peninsula office market is coming back strong and the long-term real estate values of well placed buildings that have easy transportation access to San Francisco, San Jose and the East Bay will become even more desirable going forward.”

Sares Regis Group will oversee the renovations and serve as property manager. The architect for the renovation is Chicago-based Valerio, Dewalt Train Assoc. Brokers Erik Doyle, Tim Grant and James Lees from CB Richard Ellis’ Foster City office brought the deal to Sares Regis Group. Tim Grant, James Lees, Sandy Rodriguez and Garrett Hooker of CBRE will be the leasing team.

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