BELMONT, CA-Broadreach Capital Partners has sold a vacant three-story, 160,000-sf class A office building here for $50 million, according to the Grubb & Ellis, which had the disposition assignment. The new owner is Hines US Office Value Added Fund II.

Located at 600 Clipper Dr., the building was completed in two phases. The 120,000-sf first phase was completed in 1995 and the 40,000-sf second phase was completed in 2000. The building features floor-to-ceiling windows, 51,000-sf floor plates and 471 surface parking spaces.

Ed Suharski, an SVP within G&E’s Institutional Investment Group had the disposition assignment. Hines has retained the brokerage firm Cornish & Carey to find it some tenants for the building.

“We are confident that we will be able to capitalize on strong underlying market fundamentals…,” says Hines VP Lisa Lewis. “This building represents the largest single block of contiguous office space in San Mateo County.”

Belmont is the smallest office submarket on the North Peninsula with 670,195 sf net rentable, according to C&C. In large part due to the vacant building that just changed hands, vacancy in the submarket is 40%. The average full-service asking lease rate is $2.73 per sf per month. The North Peninsula office market as a whole, which extends from Palo Alto to Brisbane and includes about 35 million sf, finished he third quarter with an overall vacancy rate of just over 10%, according to C&C.

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