SAN FRANCISCO—Those who follow @GlobeStcom on Twitter and @GlobeStLIVE may have seen a post teasing the announcement, but GlobeSt.com has learned that Prologis Inc. has sold a 21-building, 56-acre industrial park to Facebook Inc. As part of the transaction, Prologis will provide ongoing management services on behalf of Facebook.
Menlo Science & Technology Park is located on Willow Road between Highway 101 and the Dumbarton Bridge in Menlo Park, CA. Prologis has owned and managed the property since 1998.
"Land constraints and increased urbanization pressures in markets such as Silicon Valley support the monetization of select infill assets," says Michael Curless, chief investment officer of Prologis. "This project and others in our portfolio benefit from our dedicated team who understand how to identify and unlock the intrinsic value in our value-added conversion properties."
According to Mark Hansen, SVP of value added investments at Prologis, "Our team has spent the past several years planning the conversion of this site for higher and better use. We are pleased to see our efforts materialize and provide a strong foundation for the future redevelopment of the site."
GlobeSt.com will update this story as we learn more.
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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.
