A joint venture between Nearon Enterprises and Woodstock Development sold the Crossroads Research Center to Union City. Crossroads Research Center is a four-building life sciences campus totaling 322,000 square feet.
Nearon Enterprises and Woodstock Development purchased the property in 2001, while it was still under construction. Since taking possession, the property is 100% occupied. Today, the demand for space for life sciences has exploded in the market, which is located in the Bay Area, and the demand has resulted in a wave of investment activity.
In addition to this agreement, IQHQ acquired Elco Yards, a fully licensed and ready-to-move office and life science development site in downtown Redwood City, in November. The plans call for four buildings totaling 600,000 square feet and two residential buildings of 540 units, 147 of which will be dedicated to affordable housing. The project is the first of its kind on the market. The purchase price was not disclosed. And, Long Market Property Partners has acquired a 22,043 square foot research and development property at 1440 4th St. in Berkeley, Calif., with plans to convert the property to life science use. The investor has secured $ 9.75 million in financing to purchase and reposition the asset.
Terms of this transaction were not disclosed, but Invesco has secured a five-year floating rate acquisition loan through Invesco Real Estate. JLL Senior Managing Director Will Connors, Senior Managing Directors Daniel Renz and Erik Hanson, Managing Director Michael Manas and Vice President Cheri Pierce represented the seller in the transaction.
The property is located on a 23.1 acre site near the I-880 corridor, which has been a high growth area for life sciences. This means the property is accessible from Mid-Peninsula, Silicon Valley, and East Bay, and major talent pools at UC Berkeley, UCSF, Stanford University, University of Santa Clara and from San Jose State University.
The property has already been adapted for life science users. It features clear heights of 18 to 24 feet, a substantial mix of dock and level doors serving each building, and an above-market parking ratio.
Despite the sale of this asset, Kirk Syme, president of Woodstock Development, said the company will continue to invest in the Union City market.