384 Foster City Blvd 2.63 Acres of Commercial Land Offered at $14,500,000 in Foster City, CA 94404
INVESTMENT HIGHLIGHTS
- ~ 5-Year NNN lease beginning September 12, 2024
- 2.63 Acres (+/- 114,563 SF)
- Perfectly positioned at the intersection of Highways 101,280 and the 92
- Moody's A1-rated tenant
- 301 Parking Stalls
- Excellent in-fill location adjacent to top life science and R&D companies
EXECUTIVE SUMMARY
Newmark, as the exclusive advisor, has been engaged to extend the opportunity to acquire 384 Foster City Boulevard (“Site”), a 2.63-acre, 5-Year NNN leased site located in Foster City, San Mateo County, California, part of the San Francisco MSA.
The parent guarantee’s most recent credit rating from Moody’s A1 rating and a stable outlook. Tenant has a ~ 5-year NNN lease, expiring on August 31, 2029, and has a full parent guarantee.
The 301-stall site is one of the largest parking lots on the San Francisco Peninsula that is not dedicated to office, retail or hotel use. This scale and location are rare, increasing the chances of a lease renewal by the Tenant at lease expiration. Other future uses include continued off-site parking, parking for future development, fleet parking, electrical vehicle charging and outdoor storage.
There is a long history of credit tenants occupying 384 Foster City Blvd, including Applied Biosystems (Thermo-Fisher) and Gilead Sciences. The Site is perfectly positioned near the confluence of Highways 101, 280 and 92 and is adjacent to some of the nation’s most well-recognized companies, such as Illumina, Visa & Panasonic and is in the heart of Gilead’s 72-acre Foster City Campus.
The parent guarantee’s most recent credit rating from Moody’s A1 rating and a stable outlook. Tenant has a ~ 5-year NNN lease, expiring on August 31, 2029, and has a full parent guarantee.
The 301-stall site is one of the largest parking lots on the San Francisco Peninsula that is not dedicated to office, retail or hotel use. This scale and location are rare, increasing the chances of a lease renewal by the Tenant at lease expiration. Other future uses include continued off-site parking, parking for future development, fleet parking, electrical vehicle charging and outdoor storage.
There is a long history of credit tenants occupying 384 Foster City Blvd, including Applied Biosystems (Thermo-Fisher) and Gilead Sciences. The Site is perfectly positioned near the confluence of Highways 101, 280 and 92 and is adjacent to some of the nation’s most well-recognized companies, such as Illumina, Visa & Panasonic and is in the heart of Gilead’s 72-acre Foster City Campus.
DATA ROOM Click Here to Access
- Offering Memorandum
PROPERTY FACTS
| Price | $14,500,000 |
| Sale Type | Investment |
| No. Lots | 1 |
| Property Type | Land |
| Property Subtype | Commercial |
| Proposed Use | Parking Lot |
| Total Lot Size | 2.63 AC |
1 LOT AVAILABLE
Lot
| Price | $14,500,000 |
| Price Per AC | $5,519,604.11 |
| Lot Size | 2.63 AC |
1 of 1
PROPERTY TAXES
| Parcel Number | 094-521-140 | Improvements Assessment | $0 |
| Land Assessment | $2,459,851 | Total Assessment | $2,459,851 |
ZONING
| Zoning Code | CM00PD |
