There is a BART station across the street from the site. City officials here plan to spend $20 million at the site and transform it into a major transportation hub. The site is also adjacent to a 30-acre parcel owned by PG&E, where high-density housing planned. The project is slated to include 75 units per acre. The area also eventually will include a rail line system -- across the nearby Dumbarton Bridge – and is close to the AC Transit line.
Brokers Chet Barney and Jon Cook of Colliers International in Pleasanton originally handled the deal with Avanex and continue to market the property. Shelton acquired the property for $65 million over the past six months by buying a 17-acre parcel from San Francisco-based Catellus Development Corp., 5-acres from Leonard Petersen of Menlo Park and 3 acres from Beverly Petersen of Newark.
City officials would like to see the industrial park property developed into a business park with four-story buildings, according to sources with Colliers International, but the city will content with two- or three-story buildings. Lease rates are $1.50/sf with a $15/sf tenant improvement allowance.
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