Bay Area Life Science Campus Sells for $190M
Since its last trade, the property’s sale price has almost doubled.
120-150 Industrial Road
A joint venture of BentallGreenOak and Graymark Capital bought a 230,000-square-foot life sciences office building in San Carlos, Calif., for $190 million, The Mercury News first reported. KREF Capital provided the buyers with a total of $195 million in acquisition financing. Graymark was also part of the seller partnership, alongside Nuveen, according to The Real Deal.
READ ALSO: Bay Area Campus Commands $78M
The sellers acquired the property for $99 million in 2019, when the property, Graymark’s first life science acquisition on the Peninsula, was 100 percent leased to Mylan Pharmaceuticals, according to CommercialEdge data. Last fall, Mylan Pharmaceuticals merged with Upjohn, a division of Pfizer, to form Viatris, and are now headquartered in Cannonsburg, Pa.
Originally built in 1957, the two-story building at 120-150 Industrial Road is within a half mile from Interstate 101. The property has 230 grade-level parking spaces in a 1 per 1,000 square feet parking ratio. In 2019, eight new electric charging stations were installed in the parking lot.
Also active in other markets, BentallGreenOak acquired 355 Horace Head Road, a 1 million-square-foot bulk distribution warehouse in Jefferson, Ga., in October of last year. The transaction was valued at $78.7 million.
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