SAN FRANCISCO, CA-Equity Office Properties has closed on the sale of 400 S. El Camino Real, a 14-story, 145,986-square-foot, class A office property in downtown San Mateo, CA. Romel Enterprises LLC purchased the asset for an undisclosed amount free and clear of debt.
Romel's real estate portfolio primarily consists of class A properties throughout the country, and the firm will continue to seek these 'institutional-quality' assets.
Originally completed in 1973, 400 South El Camino Real was renovated in 2003 and is 91% leased to tenants including UBS, Chicago Title Insurance/Fidelity National Title Group, TD Ameritrade, ZS Associates and the U.S. Army.
The property also features a six-story, 254-space parking structure and 360 degree views of the Peninsula and San Francisco Bay. Situated in downtown San Mateo, 400 South El Camino Real is within walking distance of the San Mateo Caltrain Station and close to US Highway 101, Interstate 280 and State Highway 92 providing access to San Francisco and Silicon Valley.
HFF's investment sales team represented the seller and was led by managing director Steven Golubchik, senior managing director and co-head of HFF's national office investment sales platform Michael Leggett and director John Simerlein.
“This property has a prime location in downtown San Mateo, which continues to see strong demand from tenants looking for office space in walkable and amenity-rich locations with access to Caltrain,” Golubchik says. “Historically, 400 S. El Camino Real has outperformed both San Mateo City and County, posting substantially higher average occupancy levels and rental rates.”
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