San Francisco

The investor purchased a 22,043-square-foot research and development property in Berkeley, California, to convert into a life science use.

Demand for warehouse space will drive continued growth in the Bay Area through 2022, despite mixed fundamentals in 2020.

Vantage will feature two purpose-built life science buildings and a 30,000-square-foot amenity center.

The property is a fully entitled, large-scale office and life science development in central Downtown Redwood City.

The increase in vacancy is related to new construction activity, which is up 1.5% for the quarter.

Lionstone Investments recently completed a complete renovation of the 14-building property.

The two properties were purchased in partnership with California Statewide Communities Development Authority.

Thanks to a diversified employment market, the East Bay has "remained more resilient than its adjacent counterparts," according to a new report from Marcus & Millichap.