Lakes at Bayhill's New Owner
The Canyon Catalyst Fund and Rubicon Point Partners closed on its fourth--and biggest--investment to date: The Lakes at Bayhill in San Bruno. Ellis Partners sold the 150k SF complex, which includes three Class-A office buildings, for $45M, or $300/SF, according to The Registry. Formed in 2013, the partnership is focused on acquiring up to $100Min NorCal office product. This marks S.F.-based Rubicon's first San Bruno investment, notes The Registry, adding that the market is 96% leased with lack of land available for new development. The JV's property improvement program will focus on common area upgrades and maximizing the efficient use of the site, where tenants include Cord Blood Registry, Google, Walmart.com and Oracle. Bob Gilley represented the seller.