EverWest Real Estate Partners, in a joint venture with one of its clients (GF Properties), is pleased to announce the acquisition of 405 Victory Avenue, an industrial warehouse located in South San Francisco, CA.
The 211,259 s.f. industrial property is situated just west of Highway 101. It is approximately 2.5 miles from San Francisco International Airport (SFO) and 10 miles south of downtown San Francisco. Due to its proximity to SFO this location is highly desirable for logistics and distribution companies.
The property was built on a 7.26 acre site in 1958 and the building features 18' to 26' clear height. An additional advantage is the high number of dock-high loading doors relative to the overall market. There are a total of 49 dock-high loading doors all with concrete truck courts and 9 grade-level loading doors.
The Property is currently 78% leased to seven tenants ranging in size from 7k s.f. to 80k s.f.
Ryan Madson, Managing Director, comments, "We are very excited about this opportunity. It is difficult to find industrial product in the Peninsula, especially of this size. We feel, based on its proximity to SFO; to mass transit; and to Highways 101, 280 and 380, that this investment will be a strong performer in our portfolio. We can immediately add value as spaces roll over in the next 12 months by bringing below market leases to market and increasing occupancy. We have been impressed with the strength of the market, and we already have multiple proposals out on our vacant space. We would also like to recognize and thank the CBRE investment sales team, lead by Darla Longo, who represented the Seller in this transaction. EverWest is also excited to announce that the CBRE team of Marshall Hydorn and Jason Cranston will serve as our leasing agents on the property."