Peninsula Life Science Middle. Picture courtesy of Gemini Rosemont
Gemini Rosemont Industrial Actual Property has acquired Peninsula Life Science Middle, an eight-story life science constructing in Burlingame, Calif. The corporate partnered with Gemini Investments for the $59.4 million, all-cash buy. Cushman & Wakefield represented the vendor, a three way partnership between Sansome Avenue Advisors and Gordon Brothers.
In keeping with CommercialEdge, the 65,804-square-foot, multi-tenant property beforehand modified arms in 2016, for $21 million.
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Accomplished in 1974, the constructing underwent beauty renovations in 2016 and 2022, the latter comprising $11 million value of capital and tenant enhancements. On the time of the sale, the property was 98 p.c leased and anchored by three life science tenants. Gemini Rosemont’s David Wilson will oversee property administration.
Positioned at 1828 El Camino Actual, the constructing affords publicity to California Drive, Freeway 101 and State Route 82, whereas the San Francisco Worldwide Airport is lower than 3 miles away. The ability can be located within the neighborhood of the Millbrae BART/Caltrain metro station.
The life science sector stays sturdy
As revealed by Cushman & Wakefield’s October 2022 life sciences outlook, the trade is about to witness additional strong improvement and fixed demand within the years to return, regardless of financial headwinds, equivalent to inflation, elevated rates of interest and potential labor scarcity of expert personnel. The sector’s improvement pipeline as of October will add 26.6 million sq. toes of area to the nation’s stock, with 19.9 million sq. toes slated for supply by the top of 2023.
Cushman & Wakefield’s crew concerned within the deal included Govt Managing Administrators Seth Siegel and Steve Hermann, along with Managing Director Ryan Venezia. The client represented itself within the acquisition, led by Acquisitions Supervisor Kevin Flemming.
