Three-building Redwood City office park sells for $83M

A three-building office park in a prime Redwood City location landed a buyer for $82.8 million.

Center Capital Partners bought the property, next to the Redwood Shores Lagoons and near Google and Oracle office hubs, through an affiliate, the Mercury News reported. The 144,400-square-foot office campus is located at 1 and 3 Twin Dolphin Drive and 100 Marine Parkway.

The Marine Parkway building is 79,800 square feet and the building at 3 Twin Dolphin Drive is 58,400 square feet. The last one is 6,200 square feet.

Rockpoint Group paid $65.6 million for the campus in 2015 and sold it for 26 percent more seven years later, indicating an average increase of about 3 to 4 percent per year, topping the annual inflation rate in the Bay Area

While Center Capital hasn’t released plans for the property, some speculate that the smaller office building could be redeveloped, as San Mateo and Santa Clara counties have recently become popular areas for life sciences campuses amid the pandemic.

Life science-focused REIT, IQHQ recently paid $164 million for a vacant office building and an adjacent parking lot on Twin Dolphin Drive. ​​“We see potential for the 15-acre site to meet the region’s growing demand for new lab and office space,” IQHQ President Tracy Murphy said in a statement.

Center Capital doesn’t list major redevelopment of commercial properties as an area of expertise. “Center Capital Partners has a long-term investing horizon and an emphasis on investing into community growth,” the company’s LinkedIn page says.

The campus is across the street from the Oracle office hub in Redwood Shores and only a few freeway exits away from the large Google tech campus.

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