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ZKS, AEW Buy Edgewater From Broadreach, Simeon

SOUTH SAN FRANCISCO-The 167,600-sf, 68% leased business park trades for approximately $45 million.

By Brian K. Miller | Updated on June 05, 2007

SOUTH SAN FRANCISCO-The 167,600-sf Edgewater Business Park here has changed hands for about $270 per sf or $45.25 million, according to a local industry source familiar with the transaction. The six-building, 8.4-acre science and technology research campus is 68% leased, making it a value-add play for the new owner, a partnership of Walnut Creek-based ZKS Real Estate Partners and AEW Capital Management of Boston. The seller was a partnership of Palo Alto-based Broadreach Capital Partners and Simeon Commercial Properties of San Francisco.

The complex was developed in the late 1980s. The two largest tenants in the complex, life science companies Catalyst Biosciences Inc. (32,700 sf) and Athenagen Inc. (19,879 sf), have each expanded their leaseholds by more than 200% in the past couple of years, according to a local source with a flyer that was sent out about the property. Other tenants include ADT Security Services (19,300 sf), KAI Pharmaceuticals (15,500 sf) and Toshiba (21,000 sf in two leases).

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