A joint venture between Nearon Enterprises and Woodstock Development has sold Crossroads Research Center, a four-building, 322,318-square-foot life science and R&D campus in Union City, Calif.
JLL Capital Markets represented the seller and on behalf of the undisclosed buyer secured a five-year, floating-rate acquisition loan through Invesco Real Estate. The purchase price was not disclosed.
The 23.1-acre Crossroads Research Center, a/k/a Crossroads Technology Park, is at 3180-3200, 3240, 3242 and 3280 Whipple Road in the Bay Area’s Central I-880. The location is easily accessible from the Mid-Peninsula, Silicon Valley and East Bay and is close to major universities and research institutions, including UC Berkeley, UCSF, Stanford University, Santa Clara University and San Jose State University.
READ ALSO: 3 Trends Dominating CRE Today
In a prepared statement, Woodstock Development President Kirk Syme explained that Nearon and Woodstock had purchased the project in 2001 and that it has been nearly 100 percent leased since then.
The campus currently is fully leased to four tenants, among them Abaxis, which specializes in point-of-care blood testing for both humans and animals, and its parent company Zoetis, the world’s largest maker of veterinary medications and vaccines.
Built between 2000 and 2004, Crossroads Research Center’s four single-story buildings feature 18- to 24-foot clear heights, a substantial mix of dock and grade doors serving each building, and an above-market parking ratio.
The JLL Capital Markets team representing the seller was led by Senior Managing Director Will Connors, Senior Directors Daniel Renz and Erik Hanson, Director Michael Manas and Vice President Cheri Pierce.
Connors noted in a prepared statement that there has been incredible demand for life sciences conversions in the last year as a result of record life sciences funding and rapidly evolving life sciences requirements in the Bay Area. “This transaction marks the fifth life sciences conversion play we’ve closed over the past six months in the Central I-880 corridor, representing more than 1.2 million square feet of space,” he added.
JLL’s Capital Markets team representing the borrower was led by Senior Managing Director Peter Smyslowski and Associate Lillian Roos.
Deal flow for life science/R&D space in the Bay Area has been heavy in recent months.
- In April, Oxford Properties acquired a mixed-use building with the potential for conversion to lab space in Emeryville, Calif. The $172.7 million purchase was just one of several biotech-related deals by Oxford.
- Also in April, Longfellow Real Estate Partners bought a two-building, nearly 250,000-square-foot office campus in San Mateo, Calif., that they plan to convert into a life science property. That acquisition was for $156 million.
- In May, Phase 3 Real Estate Partners Inc. and Bain Capital Real Estate secured a construction loan of more than $400 million for their Genesis Marina, a 570,000-square-foot waterfront life science campus in Brisbane, Calif.