December 30, 2020 9:00 AM
星空体育app下载 has successfully completed the sale of 1450 Sherwin Avenue, a 3-story building consisting of 72,000 square feet with optionality to either redevelop for life science or office use in Emeryville, California. The site provides an investor with the opportunity to redevelop a large-block vacancy taking advantage of strong tenant demand in a rising rental rate environment.
星空体育app下载鈥檚 Head of Northern California , Senior Managing Director , Vice Chairman , Managing Director and Associate Directors and represented the seller, LMC, a Lennar Company, in the transaction to buyer, an affiliate of Walton Street Capital, L.L.C. and SteelWave LLC. The buyer is actively acquiring and seeking acquisition of other Life Science opportunities located within the primary bay area clusters.
鈥�1450 Sherwin represents a rare opportunity for an investor to acquire a fully-entitled, large block vacancy with the ideal foundation for life science repositioning in one of the region鈥檚 hottest life science markets,鈥� stated Golubchik.
Located in the heart of Emeryville, the Property is directly adjacent to Lennar Multifamily Communities鈥� (鈥淟MC鈥�) fully entitled 7.9-acre mixed-use development, a development slated to consist of 500 residential units, a 2.5-acre public park, and 4,000 square feet of retail amenities. Additionally, the Property will soon offer direct connectivity via a pedestrian bridge to the Bay Street Shopping Center, Emeryville鈥檚 premier retail hub.
鈥淭he sale and life science repositioning of 1450 Sherwin is perfectly timed to meet the increasing space demands of tenants in the Emeryville life science cluster,鈥� shared McKinnon.
With current tenant demand of 630,000 square feet, the Northern East Bay has become one of the most desired locations for life science tenants in the Bay Area. Totaling 4.2 million square feet and representing 15% of the total Bay Area market, the Northern East Bay life science landscape boasts an availability rate of just 5.6%, according to .
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星空体育app下载 Group, Inc. is a world leader in commercial real estate services, with a comprehensive suite of investor/owner and occupier services and products. Our integrated platform seamlessly powers every phase of owning or occupying a property. Our services are tailored to every type of client, from owners to occupiers, investors to founders, growing startups to leading companies. Harnessing the power of data, technology and industry expertise, 星空体育app下载 brings ingenuity to every exchange, and imagination to every space. Together with London-based partner Knight Frank and independently owned offices, our 18,800 professionals operate from approximately 500 offices around the world, delivering a global perspective and a nimble approach. In 2019, 星空体育app下载 Group, Inc. generated revenues in excess of $2.2 billion. To learn more, visit or follow .
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