San Francisco, CA, March 16, 2018 – PCCP, LLC announced today that PCCP in joint venture with Lift Partners acquired a 117,500-square-foot warehouse building for $28.05 million in South San Francisco adjacent to Highway 101. The seller was the former owner-user of the building.
Located at 100 Utah Avenue, the property is just north of San Francisco International Airport, and five miles south of the City of San Francisco. The property is within the Brisbane and South San Francisco industrial market, which totals approximately 17.8 million square feet with very little available product.
“This is a unique asset,” said Mike Murray, a partner with Lift. “There are very few blocks of industrial space over 100,000 square feet available on the Peninsula, we expect this project to achieve premium rents.”
Mark Melbye of Kidder Mathews brokered the sale of the property and will represent ownership to lease the asset, which is immediately available. “The supply of industrial space continues to shrink on the Peninsula as buildings are demolished for higher and better use. At the same time, we’re seeing increased demand with last-mile delivery and advanced manufacturing requirements. We expect to see a lot of activity on the asset,” said Melbye.
The San Francisco Bay Area industrial market remains one of the strongest in the nation. A dearth of new supply has led to record-setting land prices, rents, and property trades in core Bay Area submarkets. The South San Francisco market is one of the most supply-constrained areas within the entire Bay Area industrial market, having seen virtually no new industrial construction for the past 20 years, despite exceptional tenant demand for close‐in San Francisco distribution locations.
“We are pleased to partner with Lift on this opportunity,” said Erik Flynn, managing director with PCCP. “This asset is well positioned to serve the market due to the excellent location and building quality. We expect to receive a great deal of interest for single-tenant occupancy, due to the rarity of finding such a large block of space within the South San Francisco market.”
About PCCP, LLC
PCCP, LLC is a premier real estate finance and investment management firm focused on commercial real estate debt and equity investments. PCCP has approximately $6.8 billion in assets under management on behalf of institutional investors. With offices in New York, San Francisco and Los Angeles, PCCP has a proven track record for providing real estate owners and investors with a broad range of funding options to meet capital requirements. PCCP originates and services each of its investments, ensuring that clients benefit from added value and outstanding investment returns. Since its inception in 1998, PCCP has successfully raised, invested and managed over $14.8 billion of institutional capital through a series of investment vehicles including private equity funds, separate accounts and joint ventures. PCCP continues to seek investment opportunities with proven operators seeking fast and reliable capital. Learn more about PCCP at www.pccpllc.com.
About Lift Partners
Founded in January 2015, Lift Partners is a full-service real estate investment company focused on the adaptive re-use and repositioning of commercial properties. Lift concentrates primarily on value-add, infill opportunities and opportunistic development along the West Coast. Our expertise is bringing the necessary skills through brokerage relationships, construction and market knowledge and thoughtful execution to create value for our investors. We apply our approach to office, industrial and mixed-use properties often times with challenging structural, environmental or historic designation hurdles to overcome. Take the best of the old and refresh new. Lift’s portfolio to date has included over 230M+ in gross investment, $50M+ of construction projects and 1.2M+ square feet of assets in Bay Area, Seattle & Southern California. www.liftrp.com