SAN MATEO, CA—TCI Properties has closed the Station Park Green development site located at 1700 and 1790 Delaware St. in San Mateo, CA for $67 million. The fully entitled 599-unit multifamily, retail and office development site was purchased by Essex Property Trust Inc.
Dennis Danielian and Jesse Goldstein of TCI Properties, a real estate investment brokerage located in Redwood Shores, CA, represented Palo Alto-based Essex Property Trust in the transaction.
Essex prevailed as the potential buyer of this opportunity in November 2013 when it received an option to purchase the property.
During the next 15 months, the Philadelphia seller, EBL&S Development LLC, represented by San Mateo-based Alan Talansky, EBL&S VP of business development, with the oversight of Essex EVP of development, John Eudy, fine-tuned the development to address the concerns of the city while still preserving the investment integrity of the development.
The property, located on the site of a former Kmart, is a 12-acre transit-oriented mixed-use development site. The project's program includes 599 residential units, 10,000 square feet of office facilities, and more than 60,000 square feet of retail and restaurants.
Located at the corner of Concar Drive and Delaware Street, the site is located at the confluence of Highways 101 and 280 via Highway 92 and adjacent to Hayward Park Caltrain station. This will allow residents to connect directly to San Jose and San Francisco as well as the East Bay.
The National Resource Defense Council called the proposed village “a stunning plan for transit-oriented development in San Mateo, California." With plans to center a park amid the development, it has earned gold certification under the LEED for Neighborhood Development program founded by the US Green Building Council. Station Park Green was the second project in the nation to be certified as such and achieved a Stage 1 Gold rating.
EBL&S was in talks to fund and develop the project back in April 2012, as GlobeSt.com previously reported.
Essex Property Trust is a fully integrated REIT that acquires, develops, redevelops and manages multifamily residential properties in selected West Coast communities. EBL&S Development LLC has developed, redeveloped, managed, financed, refinanced and/or restructured more than 200 US commercial projects. TCI Properties was formed in 1986 and is focused on brokering large multi-family investment properties and commercial real estate throughout California.
TCI Properties, Essex Property Trust and EBL&S Development LLC could not provide additional information to GlobeSt.com on the deal at this time but we will update this story if we learn more.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
