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SSF Property Sells For $12M

SOUTH SAN FRANCISCO-A 7.4-acre property in South San Francisco will change hands under an agreement signed by Montgomery Realty Group. The price tag for the undeveloped site is $12 million.

By Michelle Savage | Updated on June 24, 2002

SOUTH SAN FRANCISCO-Montgomery Realty Group Inc. plans to sell its Eccles Project property in South San Francisco, which totals approximately 7.4 acres, for $12 million, payable in cash at closing.

The real estate company, which specializes in development and income-producing real estate assets, has entered a preliminary binding agreement to an unidentified qualified buyer to sell the land for $12 million. The Eccles Project consists of 7.4 acres of unimproved land at Eccles Avenue and Gull Road. Montgomery recently finished 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 a 90-day property review period, the buyer will have 180 days to obtain all development permits, jointly in the names of the buyer and Montgomery, from the City of South San Francisco for the construction of a 180,000-sf or larger biotech building on the Eccles property.

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