Harvest Properties JV Buys, Fully Leases Foster City Property
Harvest Properties and partner LaSalle Investment Management acquired 1149 Chess Drive in Foster City from a private individual for an undisclosed amount. Harvest also secured a long-term lease with a robotics company for the 126,345 SF office/R&D/lab building. The tenant’s lease began immediately upon close of escrow.
The building sitting on 5.69 acres, and it features 67K SF of office, 18K SF of lab and 41K SF of R&D/warehouse/amenity space. The site has four auto-leveling docks, a warehouse clear height of 26 feet, two generators and power totaling 4,200 AMPs. The property will become the headquarters of the robotics company and a significant renovation is planned.
1149 Chess Drive is the JV’s third recent venture in the San Francisco Bay Area. Harvest and LaSalle purchased 60 South Market St., a Class-A building in downtown San Jose, in December 2013. They sold the building in August 2016 following a significant repositioning, which included increasing occupancy from 68% to 92% during the hold period.
The JV acquired the two-building Century Center in San Mateo in a partial sale-leaseback transaction from Fisher Investments in April 2014. An interior and exterior renovation included the ground-up development of a new three-story structured parking garage. The JV sold the 100% leased asset in September 2016.
Cushman & Wakefield market leader and managing principal Mike Moran repped Harvest and LaSalle on the Foster City transaction.