Gemini Rosemont Commercial Real Estate, a vertically integrated real estate investment management firm specializing in Class A multi-tenant office and luxury residential properties, has acquired Peninsula Life Science Center for $59,350,000.
The eight-story office building located at 1828 El Camino Real in the San Francisco Peninsula’s city of Burlingame, Calif., adds 65,804 rentable square feet to the company’s portfolio, which includes 17 commercial office properties in seven U.S. states.
Gemini Rosemont purchased the office building from Sansome Street Advisors and Gordon Brothers in an all cash transaction fully funded in partnership with Gemini Investments, an investment company listed on the Hong Kong Stock Exchange.
The property is 98 percent leased and anchored by three growing life science tenants. Built in 1974 and renovated in 2016, and again in 2022, the property features floor to ceiling windows with views of San Francisco Bay, an above-market parking ratio, transportation access, and visibility from El Camino Real. It is a five-minute walk from the Millbrae BART/Caltrain station, which serves more than 7,000 highly skilled workers from Silicon Valley, the Peninsula, San Francisco, and the East Bay daily. It also provides convenient access to the San Francisco International Airport, via BART or Highway 101.
“The acquisition of Peninsula Life Science Center is Gemini Rosemont’s first foray into the life sciences niche, which is one of the fastest growing sectors in the U.S. economy,” said Jason Kuester, chief operating officer in a statement. “It fits nicely into our strategy of growing our West Coast portfolio with quality assets, and it’s a natural extension of our existing portfolio. We see it as the foundation to expanding in the life sciences sector.”
“Peninsula Life Science Center is a well-located, fully stabilized property with upside potential that exceeds our investment mandate,” said Tenzin Tsungmey, president of the West Coast region. “The $11 million in capital and tenant improvements in 2022, and the addition of four million square feet of proposed life science development within a three-mile radius, brings huge value add to this investment. We’re looking for other opportunities in the greater Bay Area to continue to expand our footprint.”
Sansome Street Advisors and Gordon Brothers were represented by the Cushman Wakefield team of Seth Siegel, executive managing director, Steve Hermann, executive managing director, and Ryan Venezia, managing director. Gemini Rosemont represented itself in the acquisition, led by Kevin Flemming, acquisitions manager.
David Wilson, a property manager with Gemini Rosemont, will manage the property.