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Plans for a new life science campus through the acquisition and redevelopment of the Shoreway Innovation Center in Belmont are underway following a serious financial commitment through real estate firm CBRE Group.
CBRE announced Wednesday it had arranged $75 million in financing for the acquisition and redevelopment of Shoreway Innovation Center for the borrower, Four Corners Properties, a San Francisco Bay Area real estate company. According to CBRE, the 7-acre property at 1301 Shoreway Road will be redeveloped into a new life sciences campus, likely featuring the construction of two Class A life science buildings, approximately 500,000 to 600,000 aggregate square feet. It will include a multistory parking structure for around 1,500 spaces.
Four Corners Properties will use the financing to fund a portion of the predevelopment costs for the Shoreway Road project, acquired for $90.25 million in December. The site currently has a four-story office building estimated at 150,000 square feet, with businesses like Redwood Shores Health Center and software company Bina Technologies Inc. The building is on the east side of Highway 101 near Redwood Shores, close enough to South San Francisco and Silicon Valley. CBRE said it arranged and secured a three-year floating-rate loan with two extension options through a private equity firm. A floating-rate loan shifts rates depending on the economic outlook and other circumstances.
“We are thrilled with the outcome of the Shoreway Innovation Center predevelopment financing. The state-of-the-art life sciences campus Four Corners is planning will meet a critical need in the market for high-quality facilities as we continue to see low vacancies and high rents on the San Francisco Peninsula,” Mike Walker, CBRE Executive vice president, said in a press release.
Dino Perazzo, vice chairman of CBRE’s Life Sciences team, said the property has the opportunity to do well in the long run because of its excellent location between Palo Alto and South San Francisco and its proximity to other life science areas like San Carlos. It also is near top medical and biotechnology programs, including Stanford University and the University of California, San Francisco.
Perazzo noted demand remains high for life science property and is fueling more searches in the Peninsula. CBRE said the Peninsula had the lowest vacancy rate in the region at 3.6 % and the highest average Class A rent at $7.50 per square foot. San Carlos in January saw plans for a two-structure life science campus submitted to the San Carlos Planning Department, adding to a number of biotech facilities developers looking to build in the city’s East Side Innovation District.
A massive new campus has been proposed in Burlingame as well on a 12-acre site overlooking the Bay, from 1200 to 1340 Bayshore Highway on either side of Easton Creek. Three 11-story buildings would comprise nearly 1.5 million square feet and two 10-story parking structures would provide more than 3,500 parking spaces.
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