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25-Acre Oyster Point Site Under Contract

SOUTH SAN FRANCISCO-The waterfront property, currently home to 400,000 sf of industrial and a marina, could hold as much as 1 million sf of office/R&D space.

By Brian K. Miller | Updated on April 27, 2008

SOUTH SAN FRANCISCO-The price and the buyer are still under wraps but a prime 25-acre waterfront asset here that includes the 235-berth Oyster Cove Marina is under contract, a source familiar with the transaction tells GlobeSt.com. The land currently holds 400,000 square feet of 1980s-era industrial buildings but could be replaced with approximately 1 million sf of high-end office or biotech R&D space.

Located at 375-389 Oyster Point Blvd., the property is 15 minutes south of San Francisco and 5 minutes north of the San Francisco International Airport. It is also within walking distance of a new ferry terminal that is supposed to open next year. More than 100 life science companies are located within one mile of the property, according to a marketing brochure from listing brokerage firm, NAI BT Commercial. The listing brokers, managing director Gary Willard and senior managing partner Randy Keller, could not be reached Friday for comment.

Several well-heeled buyers reportedly submitted best and final offers, including REITs, private developers and would-be owner-users. Chief South San Francisco Planner Susy Kalkin tells GlobeSt.com that Alexandria Real Estate Equities and Healthcare Property Investors Inc. and Hines were among the six or so companies that had conversations with the city about potential entitlements for the site.

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