SAN FRANCISCO-Earlier today, GlobeSt.com reported that Beverly Hills, CA-based Kennedy Wilson and its partner acquired the Pointe at Redwood Shores for approximately $22 million, all cash. According to HFF, which marketed the property on behalf of the seller, a joint venture between Angelo Gordon & Co. and Premia Capital, the KW will benefit from the property's potential.
The HFF investment sales team was led by director Dave Karol along with senior managing director Michael Leggett, managing director Steven Golubchik and associate director Mark Damiani. Karol says that “The San Francisco Peninsula area benefits from its proximity to a multitude of technology driven businesses, and the area has seen strong demand as the market continues to recover. The buyer will undoubtedly benefit from the property's potential for leasing up the remaining vacancy at current market rates.”
John Prabhu, president of KW Commercial Investment Group, points out that “Strong post-crisis leasing activity has driven vacancies in Palo Alto to 4.7% and in Mountain View to 3%. With these prime submarkets running out of space and increasing demand, tenants have found Redwood City and other Peninsula submarkets as an alternative location with lower occupancy costs.”
Since the beginning of 2010, Prabhu continues, “vacancy in Redwood Shores has dropped from 15% to under 6% in the first quarter of this year, with market rents rising.”
The Pointe at Redwood Shores is two class A two-story office buildings situated within the Redwood Shores submarket of Redwood City, located on the San Francisco Bay Peninsula in San Mateo County. The buildings total 89,455 rentable square feet.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
