Invesco Real Estate has purchased the SSF Logistics Center in South San Francisco from a partnership of New York City-based Angelo Gordon & Co., Lafayette-based Orchard Partners and Chicago-based Centrum Properties. The property was brought to the market for sale in May, and brokered by Cassidy Turley/BT Commercial. While the terms of the deal and final sale price were not disclosed, industry sources say the property would have sold for around $120 million, according to a report from The Registry.
"The team of Orchard, Cassidy Turley and Centrum brought to bear decades of industrial investment, leasing, entitlement, construction and management expertise, as well as deep locale market relationships and perspectives, on this project. Following a yearlong re-entitlement and redesign for a major logistics company, we are thrilled to consummate this sale to Invesco," said Steve White, a managing director with Angelo Gordon in a prepared statement.
"SSF Logistics Center has been thoughtfully conceived, and on a fully renovated basis has been transformed to a state-of-the-art logistics facility. This is something rarely found on the Peninsula," says Tyler Higgins, managing partner of Orchard Partners.
The SSF Logistics Center has two separate buildings covering 26 acres located along the west side of 101 and north of US 380 at 1070 San Mateo Avenue. The 453,076 square-foot warehouse building is 93% leased to Federal Express with a recently signed lease that expires in 15 years with two five-year extension options, with the General Services Administration taking up the remainder of the building for the Drug Enforcement Administration. The second 9,240 square foot building offers retail/cafe/business services space and is currently under construction, with an expected delivery date sometime this December.
For more news and information visit Blumberg Capital Partners.
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