Logistics company Prologis bought a rare, large property in South San Francisco that those familiar with the site celebrated for its expansive nature.
The San Francisco real estate investment firm, which specializes in logistics investments, acquired Urban Properties’ Shaw Business Center, which spans 8.2 acres at 200 Shaw Road and surrounding addresses in the southeast corner of South San Francisco.
The price of the deal was not disclosed, but those linked to the purchase on Thursday, January 7th were delighted with the rare opportunity to acquire such a large property near San Francisco International Airport, des Highway 101, Interstate 280, and surrounding facilities.
“This was an extremely rare opportunity to acquire a location this size in South San Francisco. … The property is ideal for redevelopment and could be the only state-of-the-art industrial campus in San Francisco and on the North Peninsula, ”said Rebecca Perlmutter, executive vice president of real estate investment company Coldwell Banker Richard Ellis, who brokered the deal.
Alex Greenwood, South San Francisco Director of Economic and Development, agreed that the property is a rare asset. To this end, the country has drawn the greatest investment interest that he can remember locally in recent years.
The location is also attractive because it can accommodate industrial uses, said Greenwood, who noted that vacancies in the industrial market are extremely limited.
Part of the reason industrial vacancy rates are so low in South San Francisco is because the city’s biotech companies bought and converted much of the land. Mother of pearl nodded to the trend in the prepared statement.
“The industrial market in northern San Mateo County continues to contract with a declining industrial base and increasing demand for tenants,” she said.