Peninsula Life Science Center. Image courtesy of Gemini Rosemont
Gemini Rosemont Commercial Real Estate has acquired Peninsula Life Science Center, an eight-story life science building in Burlingame, Calif. The company partnered with Gemini Investments for the $59.4 million, all-cash purchase. Cushman & Wakefield represented the seller, a joint venture between Sansome Street Advisors and Gordon Brothers.
According to CommercialEdge, the 65,804-square-foot, multi-tenant property previously changed hands in 2016, for $21 million.
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Completed in 1974, the building underwent cosmetic renovations in 2016 and 2022, the latter comprising $11 million worth of capital and tenant improvements. At the time of the sale, the property was 98 percent leased and anchored by three life science tenants. Gemini Rosemont’s David Wilson will oversee property management.
Located at 1828 El Camino Real, the building offers exposure to California Drive, Highway 101 and State Route 82, while the San Francisco International Airport is less than 3 miles away. The facility is also situated in the vicinity of the Millbrae BART/Caltrain metro station.
The life science sector stays strong
As revealed by Cushman & Wakefield’s October 2022 life sciences outlook, the industry is set to witness further robust development and constant demand in the years to come, despite economic headwinds, such as inflation, increased interest rates and potential labor shortage of skilled personnel. The sector’s development pipeline as of October will add 26.6 million square feet of space to the country’s inventory, with 19.9 million square feet slated for delivery by the end of 2023.
Cushman & Wakefield’s team involved in the deal included Executive Managing Directors Seth Siegel and Steve Hermann, together with Managing Director Ryan Venezia. The buyer represented itself in the acquisition, led by Acquisitions Manager Kevin Flemming.
