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Montgomery Signs $12M Sale Agreement

SOUTH SAN FRANCISCO-Montgomery Realty Group may have found a buyer for its 7.4-acre land in South San Francisco. The real estate group has entered into a preliminary agreement with a company that intends to build a biotech building on the land.

By Michelle Savage | Updated on June 04, 2002

SOUTH SAN FRANCISCO-Montgomery Realty Group, Inc. has entered into a preliminary binding agreement to sell its Eccles Project acreage in South San Francisco for $12 million, payable in cash at closing.

The Eccles Project consists of about 7.4 acres of unimproved land. The project is located at Eccles Avenue and Gull Road in South San Francisco.

Montgomery has recently completed a Phase I environmental report, as well as a seismic refraction study and preliminary soils report, as a guide to development of the site. After an initial 90-day property review period, the buyer, who has not been identified, will have 180 days to obtain all development permits from the City of South San Francisco for the construction of a 180,000-sf or more biotech building on the Eccles property.

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