Angelo Gordon and Chicago-based developer Centrum Properties have acquired the SFO Logistics Center in southern San Francisco, California. The deal was valued at $80 million (€54 million), according to media reports.
The acquisition comprised an 571,913-square-foot warehouse distribution center, which sits on 19.5 acres, as well as an adjacent 5.2-acre parcel of land. Angelo Gordon and Centrum are planning to add loading slips and construct 52,200-square-feet of industrial buildings on the adjacent parcel, a statement from Holliday Fenoglio Fowler, a US commercial real estate capital services provider, added.
Located at 1070 San Mateo Avenue, the SFO Logistics Center is strategically located near the San Francisco International Airport and close to the intersection of Interstates 280 and 380 and The Bayshore Freeway. The property had previously been used as a government services distribution facility. HFF said the duo secured a loan of $56 million through Capmark Finance for the deal, representing 70 percent of the total project capitalization.
Centrum Properties, established in 1980, focuses on mixed use, residential and commercial properties in the US.
Angelo Gordon, headquartered in New York, has invested in $5 billion of commercial real estate since its founding in 1993.