Located at 375-389 Oyster Point Blvd., the property is 5 minutes north of the San Francisco International Airport and surrounded by life science companies. It is also within walking distance of a new ferry terminal that is supposed to open next year. A source familiar with the property and the buyer tells GlobeSt.com that Shorenstein has no near-term plans to redevelop the site – though that is the plan eventually -- and is currently signing multi-year leases for certain buildings within the development.

One of the existing buildings

"It's a gorgeous site surrounded by water," Kalkin says. "There's not very much underutilized land left [in South San Francisco]; it's a very unique parcel."

The property was not priced when it came to market. Some brokers had suggested the property could garner $120 million, which would have represented a 4% cap rate. At $85 million, the cap rate is closer to 6%. A marketing brochure estimated that the property's year-one NOI (including the marina) for the new owner would be $4.80 million, rising to $4.96 million in year two and $5.4 million in year three.