A 6.6-acre industrial site located near the waterfront in Burlingame has traded hands for $55 million.
Public records show that the buyer is Finn Capital, a real estate investment asset management organization based in San Mateo. The seller is listed as Seven Springs Limited Partnership. Both were represented in the deal by Colliers Executive Vice Presidents Tim Maas, Mike Davis and Tony Crossley and Vice President Darren Kuiper.
The property at 1649 Adrian Road includes an existing 129,759-square-foot, single-story industrial facility. Its location adjacent to Highway 101 and the San Francisco International Airport make it "acutely positioned" for last-mile logistics or future development, Colliers said in a statement on Friday.
Packaging company Lahlouh Inc. is leasing the facility through 2026.
According to a report released by the firm this month, the San Francisco Peninsula research and development market has seen positive net absorption for four consecutive quarters, totaling 388,000 square feet in the second quarter of 2021.
