FREMONT, CA-Chicago-based Harvest Properties in partnership with Invesco Real Estate, has completed the sale of 1001, 1031 and 1051 East Hillsdale Blvd. in Foster City, CA to global real estate management firm, Heitman. The transaction represents Chicago-based Heitman's first foray into San Mateo County, which is located on the San Francisco Peninsula.
Sources involved could not disclose financing terms to GlobeSt.com at this time. Harvest currently manages the buildings and will continue to do so for the new owner.
Acquired by Harvest and Invesco in January of 2008, the class "A" office development is known throughout the Bay Area as Parkside Towers. Comprised of two architecturally distinct interconnected eight-story office towers above three levels of parking and ground floor retail, the 399,590-square-foot complex boasts consistently high occupancy and a reputation for attracting high quality credit tenants.
The office component was 100% leased at the time of sale. During their ownership, Harvest and Invesco capitalized on market conditions releasing an available 97,674 square feet to software company, Guidewire.
Completed in 2002, Parkside Towers features efficient floor plates, state-of-the-art building systems, striking lobbies, exceptional onsite amenities, and an above average parking ratio. The development is located within the Highway 92 corridor mid-way between San Francisco and San Jose in the northern portion of Silicon Valley.
John Winther, founder and managing partner of Harvest Properties, says "The deal is a testament to the strength of the San Francisco Peninsula market." Investment brokers involved in the transaction include Jeff Weber and Stephen Van Dusen of Eastdil
Secured. Leasing brokers include Josh Rowell and Craig Kalinowski of Cornish & Carey.
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