The property will most likely be used for high-tech and R&D buildings, says Principle Capital's managing director Rod Vogel. Among other deals in the works, Principle says it will sell 11 acres to East Bay developer Balch Enterprises, which plans to build four high-end manufacturing buildings that will total 175,000-sf. The company is undecided on whether it will sell or lease the buildings.
Principal Capital's plans for the property it holds onto include up to 1.5 million sf of flex space. Even though the site is zoned for warehousing, distribution, research and development, Vogel says it will not be used for warehousing. Low vacancy rates coupled with a lack of land make this a prime location for development, he says.
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