Invesco Pays Large Number for South San Francisco Warehouse
Address: 1070 San Mateo Ave, South San Francisco, CA
Seller: Angelo Gordon & Co.
Buyer: Invesco Real Estate
RBA SF: 453,051 total
Lot size: 19.50 Acres (849,420 SF)
Selling price: $122,000,000 ($269.28/SF)
Type: Industrial – Warehouse
This former GSA building was purchased by Angelo Gordon and then completely renovated after they signed a long term lease with FedEx. They are in the process of completing an approximately 9,000 SF new construction retail space along San Mateo Ave as well.
This represents one of the largest transactions of an industrial building in the north peninsula in quite a while. It shows how valuable infill locations in our market are, especially from a price per square foot perspective. Of course it helps to have a credit tenant such as FedEx in toe; however, this is still a big number and shows another sign of confidence in the area.