THE PROPOSED PROJECT PLANS FOR THE ADAPTIVE REUSE AND EXPANSION OF THE PRIMO HONDA CAR DEALERSHIP INTO A CLASS A LIFE SCIENCE DEVELOPMENT
Presidio Bay Ventures, a leading Bay Area commercial real estate development firm, in a joint venture with Kinship Capital, a private real estate investment firm, today announced the November 17, 2020 acquisition of 777 Industrial Road in San Carlos, Calif. Located within one of the BayArea’s fastest growing life science clusters, the joint venture plans to redevelop the property into a 123,000 square foot Class A life science building with high quality materials and cutting-edge functionality. Presidio Bay andKinship Capital were awarded the acquisition after remaining highly engaged and demonstrating a clear commitment to closing during a closely-held off-market sales process that was launched soon after the initial shelter-in-place orders were announced in March 2020. Michael Jensen of Kidder Matthews represented theSeller.
“We’ve seen tremendous growth and opportunity in the life sciences sector, which has only accelerated through the COVID-19 pandemic with renewed investment into research and development. In particular, San Carlos has garnered momentum in the space in recent years with its East Side InnovationDistrict Plan and several new or under development biotech campuses,” said K.Cyrus Sanandaji, Managing Director for Presidio Bay Ventures. “With 777Industrial Road, we’re proud to continue expanding our investments in the life sciences sector and join its burgeoning community in San Carlos. As our first investment in San Carlos, we look forward to building a long standing relationship with the City’s planning and building departments as well as the broader community.”
Currently home to a 45,000 square foot car dealership and surface parking lot, the project will take full advantage of the robustly engineered existing infrastructure, which was already designed to withstand significant loads. The design contemplates a vertical addition to create a three-story building over parking at grade level. With a unique glazing pattern, brushed aluminum window system and natural finishes, the project design draws inspiration from the neighboring approved and completed life science buildings, as well as from best-in-class buildings in life science clusters around the world. The reuse and repurposing of both the existing podium and previously installed solar photovoltaic cells will result in a development that is both economical and environmentally sustainable.
The project design and entitlement process commenced immediately after entering into the purchase agreement earlier this year with the goal to secure regulatory approvals by first quarter 2021 and break ground in fourth quarter 2021. Marc Pope and Ben Paul of Cushman and Wakefield have been engaged to represent the project and lead the leasing efforts.
For project updates on 777 Industrial Road visit www.PresidioBay.com.