Facebook-Occupied Property Sells for $16M
- Sep 05, 2019
NAI Northern California has arranged the sale of a 24,431-square-foot industrial/office building in Redwood, Calif., for $16 million. The building is long-term, triple-net leased to Facebook, with no owner obligations and 4 percent annual increases in rent. The tenant also plans to remodel and renovate the facility to fit its needs.
Located at 860 Charter St., the office/industrial building is near the intersection of freeways 84 and 101, around 27 miles from downtown San Francisco and within 23 miles of downtown San Jose. Additionally, the property is situated close to Stanford Medical, 24 Hour Fitness, Broadway Plaza Development and Stanford Development among others.
NAI Northern California’s Vice President Armand Anicete brokered the sale on behalf of the buyer, a private investor. At the beginning of the year, Facebook preleased Burlingame Point, an 803,000-square-foot office project in the San Francisco suburb of Burlingame, Calif. The office development is slated for completion by 2020.