Four Corners Gears Up to Develop Bay Area Life Sciences Campus
CBRE arranged $75 million in financing for the acquisition and redevelopment of Shoreway Innovation Center along the 101 Corridor in Belmont. The borrower, Bay Area investment and operating company Four Corners Properties, will redevelop the seven-acre property into a new life sciences campus.
Mike Walker and Brad Zampa with CBRE Capital Markets’ Debt & Structured Finance group arranged and secured a three-year, non-resource, floating rate loan with two extension options through a private equity firm.
Four Corners will use the financing to fund part of the predevelopment costs for 1301 Shoreway Rd., acquired last December for $90.25 million. The redevelopment will yield two Class A life science buildings totaling 500,000-600,000 square feet.
“The state-of-the-art life sciences campus Four Corners is planning will meet a critical need in the market for high quality facilities as we continue to see low vacancies and high rents on the San Francisco Peninsula,” said Walker.
- ◦Development
- ◦Financing