Burlingame Office Trades for $18.7M
Comp Details:
Seller: ATC Partners
Buyer: Hanhai Investments, Inc.
RBA SF: 104,610
Lot size: 4.52 AC (196,891 SF)
Selling price: $18,700,000 ($178.76/SF)
Type: Class B Office
According to the buyers website: Hanhai Investment established its first high-tech Silicon Valley incubator (Hanhai Z-Park) in 2012. Due to the consummation of Hanhai Z-Park, Hanhai Investment will continue its success in the Silicon Valley by establishing two more incubators by 2017, focusing on biopharmaceuticals, clean tech, and new materials.
It looks like this may be a strategic play for them to eventually take over the building for their own expansion purposes. The building was 88% occupied at time of sale.
The Peninsula Industrial Pros 