Gemini Rosemont adds Peninsula Life Science Center eight-story office building to portfolio in all cash transaction

Gemini Rosemont adds Peninsula Life Science Center eight-story office building to portfolio in all cash transaction

LOS ANGELES, Dec. 22, 2022 /PRNewswire/ -- Gemini Rosemont Commercial Real Estate, a vertically integrated real estate investment management firm specializing in Class A multi-tenant office and luxury residential properties, has acquired Peninsula Life Science Center for $59,350,000.


Gemini Rosemont adds Peninsula Life Science Center eight-story office building to West Coast portfolio in all cash transaction

The eight-story office building located at 1828 El Camino Real in the San Francisco Peninsula's city of Burlingame, Calif., adds 65,804 rentable square feet to the company's portfolio, which includes 17 commercial office properties in seven U.S. states.

Gemini Rosemont purchased the office building from Sansome Street Advisors and Gordon Brothers in an all cash transaction fully funded in partnership with Gemini Investments, an investment company listed on the Hong Kong Stock Exchange.

The property is 98 percent leased and anchored by three growing life science tenants. Built in 1974 and renovated in 2016, and again in 2022, the property features floor to ceiling windows with views of San Francisco Bay, an above-market parking ratio, superior transportation access, and visibility from El Camino Real. It is a five-minute walk from the Millbrae BART/Caltrain station, which serves more than 7,000 highly skilled workers from Silicon Valley, the Peninsula, San Francisco, and the East Bay daily. It also provides convenient access to the San Francisco International Airport, via BART or Highway 101.

"The acquisition of Peninsula Life Science Center is Gemini Rosemont's first foray into the life sciences niche, which is one of the fastest growing sectors in the U.S. economy," said Jason Kuester, chief operating officer. "It fits nicely into our strategy of growing our West Coast portfolio with quality assets, and it's a natural extension of our existing portfolio. We see it as the foundation to expanding in the life sciences sector."

Gemini Rosemont's West Coast portfolio is comprised of approximately 1.3 million square feet with three additional properties in California and one in Washington state. The West Coast properties include 600 Clipper (Belmont), ESET 610 West Ash (San Diego) and Gemini Rosemont Tech Park (Santa Clara), and One Twelfth @ Twelfth (Bellevue, Wash.).

"Peninsula Life Science Center is a well-located, fully stabilized property with upside potential that exceeds our investment mandate," said Tenzin Tsungmey, president of the West Coast region. "The $11 million in capital and tenant improvements in 2022, and the addition of four million square feet of proposed life science development within a three-mile radius, brings huge value add to this investment. We're looking for other opportunities in the greater Bay Area to continue to expand our footprint."

Sansome Street Advisors and Gordon Brothers were represented by the Cushman Wakefield team of Seth Siegel, executive managing director, Steve Hermann, executive managing director, and Ryan Venezia, managing director. Gemini Rosemont represented itself in the acquisition, led by Kevin Flemming, acquisitions manager.

David Wilson, a property manager with Gemini Rosemont, will manage the property.

About Gemini Rosemont Commercial Real Estate

Gemini Rosemont Commercial Real Estate, a vertically integrated real estate investment management company, has an existing portfolio totaling approximately four million square feet with a gross asset value of approximately $1 billion.

Since its inception, Gemini Rosemont and its affiliates and predecessor entities have sponsored 226 investment vehicles, deploying approximately $1.2 billion of equity to acquire in excess of $3.5 billion of assets, and has acquired and/or managed approximately 34 million square feet of commercial real estate.

Through its sponsorship from Gemini Investments Holdings, Ltd., an investment company listed on the Hong Kong Stock Exchange, the company has invested approximately $720 million in Class A office buildings in technology-centric and/or gateway U.S. markets totaling over 1.4 million square feet since March 2016.

Founded in 1992, the company is headquartered in Los Angeles and has regional offices in Dallas, New York and the San Francisco Bay Area. For more information, please visit GeminiRosemont.com.

 


Source: Gemini Rosemont Commercial Real Estate Related Stocks: HongKong:0174
Post created : 817   
Comment
Continue Reading
RELATED NEWS
Last views