SOUTH SAN FRANCISCO, CA-Colliers International has closed on the acquisition of a multi-tenant distribution building measuring more than 87,000 square feet. The building is situated on nearly 3 acres and located at 1200-1220 San Mateo Avenue in South San Francisco. IIT Acquisitions LLC, dba Industrial Income Trust, acquired the property for an undisclosed amount from Kelly & Tony Investment Company, LLC.

The deal represents the the largest industrial sale on the peninsula this year and represents Industrial Income Trust's second acquisition on the San Francisco peninsula, Colliers said in a statement. The Colorado-based IIT has successfully expanded its portfolio in the San Francisco Bay Area to over 1,000,000 sq. ft. in a little over two years. This transaction represents another strategic move in securing a core asset in this highly competitive market.

“The property was fully leased at the close of escrow and the building's functionality will serve a wide variety of future tenants,” said Mike Davis SVP of Colliers International. “The South San Francisco submarket has recently seen declining vacancy rates and a roll over in leases will allow the Landlord to capitalize on supply limitation and realize a solid upside in rents”