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SAN CARLOS, CA- It has been reported that the County of San Mateo has closed on the 208,000 SF Circle Star office complex. The price was reported to be $40 million for the distressed asset. Last June, Harvest properties and Invesco purchased the note as a deed in lieu from the previous owner.
This represents a whopping deal for the county. The price seems to be on the high side, especially when you consider the large amounts of TI work that needs to occur, but it does create a long term play for the county.