September 1, 2016 Comments Off on Black Mountain Properties Sells Mid-Peninsula Asset for $61M Views: 561 Bay Area, California News, West

Black Mountain Properties Sells Mid-Peninsula Asset for $61M

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.

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