SOUTH SAN SAN FRANCISCO – South San Francisco’s biotech and technology nursery continues to lure real estate investors, with buyers buying first-class properties for more than $ 100 million in just two days.
Real estate companies have purchased parking near the Golden Gate Produce terminal at the Court Terminal and a building and land at 573 Forbes Blvd., according to documents filed in early May at the San Mateo County office.
The purchases are a sign that investors are still longing for key sites in southern San Francisco, which has become one of the nation’s most active regions for the development of spaces and buildings for science and biotechnology companies.
The two purchases total $ 115 million, according to county records:
– Steelwave, a real estate company that operated through a subsidiary, paid $ 85 million on May 5 for a ground parking lot at the Terminal Court, which is next to a wholesale complex, according to title deeds.
– A branch affiliated with Boston-based Breed’s Hill Capital paid $ 30 million on May 6 for an industrial building and land at 573 Forbes Blvd., real estate files show.
Both properties could be ripe for development, based on recent real estate trends in southern San Francisco and the peninsula more generally.
The car park next to the production terminal is close to the intersection of US Highway 101 and Interstate 380.
The 573 Forbes property is located next to and close to several sites that are occupied or owned by biotech giant Genentech.
Steelwave, in particular, has shown great interest in the development or redevelopment of sites so that they can be transformed into modern technological or biotechnological spaces.
At the end of December 2021, Steelwave paid $ 98 million for a site in southern San Francisco, which plans to build a Safeway store, office buildings, research spaces and additional retail facilities at 180 El Camino Real.
$100 million-plus, two days: Prime South San Francisco sites are bought