September 1, 2016
San Carlos VI, LLC acquired San Carlos Business Park, a 7-building, 154,462-square-foot office and R&D campus in San Carlos, CA from Black Mountain Properties for $61 million. Black Mountain has held the asset for 20 years, and the disposition will allow it to expand its real estate portfolio beyond the Peninsula.
The more than 9-acre property is comprised of two parcels. A 1.33-acre parcel includes a ground lease for a 27,303-square-foot office building, while the other larger 7.67-acre parcel includes six buildings, totaling 127,159 square feet of R&D space.
The buyer, an unnamed Newport Beach, CA-based investment firm, was advised by Newport Venture Capital. CBRE’s Capital Markets team of Seth McKinnon, Scott Prosser, Joe Moriarty, Sean Sullivan and Tyler Myerdirk represented the seller.
For comments, questions or concerns, please contact Dennis Kaiser