June 21, 2022

Key Sites in South San Francisco Are Purchased

SOUTH SAN FRANCISCO – South San Francisco’s biotech and technology hotbed continues to attract real estate investors, with buyers purchasing sites in prime locations for more than $100 million combined in just two days.

The real estate companies purchased a parking lot next to the Golden Gate Produce Terminal on Terminal Court and a building and land at 573 Forbes Blvd., according to documents filed in early May with the San Mateo County Registrar’s office.

These purchases are a sign that investors are still hungry for key sites in South San Francisco, which has become one of the most active areas in the country for the development of space and buildings for life sciences companies. life and biotechnology.

The two purchases totaled $115 million combined, according to county records:

573, boul. Forbes in South San Francisco, shown in outline. The limits are approximate. (Google Maps)

– Steelwave, a real estate company that acted through an affiliate, paid $85 million on May 5 for surface parking on Terminal Court which sits next to a wholesale commodity complex, according to the ownership documents.

–A subsidiary tied to Boston-based Breed’s Hill Capital paid $30 million on May 6 for an industrial building and land at 573 Forbes Blvd., property records show.

Both of these properties may be ripe for development, based on recent real estate trends in South San Francisco and the Peninsula more broadly.

The parking lot next to the commodity terminal is near the interchange of US Highway 101 and Interstate 380.

The 573 Forbes property is located adjacent to and near several sites occupied or owned by biotech giant Genentech.

Steelwave, in particular, has shown a lot of interest in developing or redeveloping sites so they can be transformed into modern tech or biotech spaces.

In late December 2021, Steelwave paid $98 million for a south San Francisco site where a Safeway store, office buildings, research space and additional retail sites are to be developed at 180 El Camino Real.