Rees Properties Acquires Redwood City Office Asset for $32M

HFF marketed the sale on behalf of Griffin Capital, who acquired the property in 2007 for $24 million from DPR Construction. The sale of 1450 Veterans Blvd. was subject to a $17.9 million loan held by Northern Trust.

1450 Veterans Blvd. in Redwood City, Calif.
1450 Veterans Blvd. in Redwood City, Calif.

Rees Properties Inc. acquired a three-story, 53,000-square-foot office building in downtown Redwood City, Calif. for $32.3 million from Griffin Capital.

The sale of 1450 Veterans Blvd. was subject to a $17.9 million loan held by Northern Trust. HFF’s Michael Leggett, Gerry Rohm, Ben Bullock and David Dokko represented the seller and were also responsible for procuring the buyer.

Located at the intersection of Veterans Boulevard and Chestnut Street, the property is just one mile from the Redwood City Caltrain station and the Bayshore Freeway. The facility offers quick access to various dining options, including Cariblue Restaurant, Applebee’s and Taco Bell. The office building features 171 parking spaces.

According to Yardi Matrix, Griffin Capital acquired the property in 2007 for $24 million from DPR Construction, which remained the sole tenant of the building.

Image courtesy of Yardi Matrix