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Shorenstein JV buys California business park and marina

The San Francisco-based private equity real estate firm has acquired the Oyster Point Business Park and Oyster Cove Marina in San Francisco.

A joint venture between Shorenstein Properties and SKS Investments has purchased the Oyster Point Business Park and Oyster Cove Marina properties in California’s city of South San Francisco. The acquisition was made through San Francisco-based Shorenstein’s $2 billion (€1.3 billion) Shorenstein Realty Investors Nine fund. Financial terms were not disclosed.

The acquisition comprised six industrial buildings totaling 404,215 square feet and an adjacent 235-berth marina. The 34-acre property sits on Oyster Point Boulevard. South San Francisco is home to one of the top biotechnology hubs in the US, according to the firm. The Oyster Point Business Park is 88 percent leased.

Shorenstein and San Francisco-based real estate investor and developer SKS Investments first partnered in 2006 on the development of a 450,000-square-foot life science, office and retail development in San Francisco’s Mission Bay. The property, expected to be completed by the end of this year, is leased to FibroGen.

Shorenstein bought two former Maguire Properties buildings in California earlier this month, paying $211 million for the Main Plaza office building in Orange County. The deal included two 12-story class office buildings and two free-standing buildings totaling approximately 607,000 square feet of space.