Shorenstein JV Takes 404,000SF San Fran Business Park
- Jul 14, 2008
Oyster Point Business Park and Oyster Cove Marina in South San Francisco have just come under new ownership, courtesy of a deal valued at a reported $85 million. Shorenstein Properties L.L.C. partnered with SKS Investments to acquire the property, which consists of 404,200 square feet of flex/industrial space and a 235-berth marina, from Shelton Corp. Oyster Point sits along 1,650 feet of waterfront on Oyster Point Blvd., just 1.5 miles from San Francisco International Airport. The marina was developed in 1982, the same year that the two-year construction period kicked off for the business park’s six buildings. Presently 88 percent leased, the property sits on an approximately 34-acre parcel that can accommodate additional development in what has become a leading biotechnology corridor. For its part, Shorenstein acquired Oyster Point on behalf of Shorenstein Realty Investors Nine L.P., a $2 billion private commingled fund that was established last year. NAI BT Commercial Investment Services Group orchestrated the transaction on behalf of the seller.San Francisco-headquartered Shorenstein, established in 1924, acquires, develops and manages office and mixed-use properties across the country. The company is also a leading private real estate investment funds sponsor, having sponsored nine closed-end funds since 1992. Also based in San Francisco, SKS is a commercial real estate investor, developer, advisor and manager focusing on adaptive re-use and other value-added investments in challenging and evolving urban communities across Northern California. The company and its affiliates have acquired, developed or repositioned more than 2 million square feet of commercial, residential and mixed-use properties over the last 16 years.