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Four Corners Properties is closing in on its redevelopment of the Shoreway Innovation Center in Belmont, California, after garnering $75M in pre-development financing. Four Corners acquired the 150K SF office building for $90.25M in December last year.
The company is planning a 500K SF redevelopment, which will include the construction of two Class-A life sciences buildings and a multistory parking garage with 1,500 spaces.
Four Corners purchased the property from Westlake Group, which itself bought the property in 2016 for $61M. CBRE’s Mike Taquino, Kyle Kovac, Joe Moriarty and Scott Prosser represented Westlake Group in the Four Corners deal.
CBRE’s Mike Walker and Brad Zampa with CBRE Capital Markets’ debt and structured finance group arranged and secured the $75M pre-development loan for Four Corners. The secured, three-year, nonrecource, floating-rate loan has two extension options through a private equity firm.
Ground-up development for life sciences, as well as office-to-life sciences conversions, have been on the rise as the sector’s demand continues to explode across the Bay Area.
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