The buildings, located at 46 Galli Dr., are leased until August of 2010 to BioMarin Pharmaceuticals, a local bio-tech company. At the asking price, the property offered a cap rate of 10.6%.
Limar was represented by Mark Ziemendorf and Sam Wright of Cornish & Carey Investment Services, as well as Steve Leonard of Meridian Commercial. Buyers Don Stephens and Lane Stephens were represented by Scott Raymond of Marcus & Millichap.
The buildings are concrete tilt, built 1981 and 1998, as industrial/warehouse. They were converted by BioMarin. They are now primarily office and bio-tech lab which were built out at a cost of $200-plus per sf.
BioMarin is a publicly held (IPO in 1999) bio tech company that is in the late developmental stages for various pharmaceuticals. Its lead product, Alronidase, treats a genetic disorder that primarily affects children. The buyers are a family partnership reportedly looking for other investment opportunities.
Limar is a value-added investor, that buys distressed properties (vacant, or underutilized, as these were), repositions them and sells them. The company has a total portfolio of approximately 6 million sf of office and R&D properties throughout California and the western US.
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