Presidio Bay, Kinship JV Plans Life Science Conversion in San Carlos
San Francisco-based Presidio Bay Ventures, in a joint venture with Kinship Capital, acquired 777 Industrial Rd. in San Carlos. The JV plans to redevelop the property into a 123,000-square-foot Class A life science building with high quality materials and cutting-edge functionality.
Presidio Bay Ventures’ K. Cyrus Sanandaji says, “We’ve seen tremendous growth and opportunity in the life sciences sector, which has only accelerated through the COVID-19 pandemic with renewed investment into research and development. In particular, San Carlos has garnered momentum in the space in recent years with its East Side Innovation District Plan and several new or under development biotech campuses.”
Currently home to a 45,000-square-foot car dealership and surface parking lot, the existing infrastructure was already designed to withstand significant loads. The design vision is to include a vertical addition to create a three-story building over parking at grade level. The developer anticipates breaking ground Q4 2021.
Kidder Matthews’ Michael Jensen represented the undisclosed seller.
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