El Camino Real Mixed-use Project Gets New Partner

Greystone joins Clara E. Chilcote Trust as partner in the development of a Class A Palo Alto project.

Palo Alto, Calif.—New York City-based real estate company Greystone recently acquired a sizable stake in an emerging development venture in The Golden State. College Terrace Centre in Palo Alto is a prime mixed-use development project that offers close proximity to Stanford University and the Caltrain commuter rail line.

Greystone is now part of a partnership with Clara E. Chilcote Trust. The deal was brokered by Chris Jafarieh and Nicole Jadelrab of Blaqk Diamond Group.

College Terrace Centre

Rendering of College Terrace Centre

Located at 2100 El Camino Real, College Terrace Centre is currently in development. Upon completion, the project will offer 45,572 square feet of office space, as well as 13,000 square feet of street level retail. An affordable residential component consisting of eight housing units is also part of the mix at College Terrace Centre. Parking for up to 227 vehicles will be provided at the site.

With the office component already fully pre-leased by a single tenant, the project is expected to be a real success and is currently 55 percent complete. Delivery is slated for the end of summer 2016.

The development team responsible for the project also consists of construction lender J.P. Morgan Chase, while the preferred equity investor is Pearlmark.

Rendering courtesy of CollegeTerraceCentre