Friday, May 23, 2014

San Mateo County sells Circle Star property to private investment group

San Francisco Business Times/Blanca Torres, 5/20/14. "San Mateo County cashes in with sale of Circle Star Plaza for $90.1 million."

"San Mateo County just made a sweet profit off the sale of Circle Star Plaza, a two-building, 208,000-square-foot office complex in San Carlos that the county bought in 2011 for $40 million and just sold for $90.1 million or $433 per square foot. The buyer was an entity of Griffin Capital Corp.

The county bought the buildings to house some of its departments, but later officials determined the county didn’t need all the space. The county then fully leased the buildings at 1 and 2 Circle Star Way to SoftBank, a Japanese telecommunications company that bought Sprint for $22 billion.

Griffin Capital bought the buildings under the entity GC Net Lease Rancho Cordova LLC. Based in Los Angeles, Griffin Capital owns, manages, or is a partner on more than 26.08 million square feet of real estate in 32 states totaling close to $4.7 billion in value."  Read more.

Related articles San Jose Mercury News/Peninsula/Bonnie Eslinger, 5/20/14. " .... "Two four-story buildings and a three-level garage stand on the property at 1 and 2 Circle Star Way, located between Industrial Way and Highway 101. ... ".. Dave Pine opened sealed offers submitted by only two bidders. The losing bidder was DivcoWest Acquisitions, LLC, which offered $88,488,888.88. ... ".. No counter-proposal was made and the offer from GC Net Lease Rancho Cordova Investors was unanimously accepted. The whole process took about 15 minutes."  Fix Pacifica reprintSan Mateo Daily Journal, 5/5/14. "City to sign off on Circle Star sale."  

Reference, the buyer - Griffin Capital. We are the guardians of wealth. "At Griffin Capital, we are focused on one mission:  delivering institutional-quality products investments to investors." ... Investor focus:  Our mission is to deliver attractive risk-adjusted capital returns to investors." 
t Griffin Capital Corporation, we are focused on one mission: delivering institutional-quality investment products to investors.   - See more at:
 Griffin Capital Corporation, we are focused on one mission: delivering institutional-quality investment products to investors.   - See more at:

Note photographs: Palm tree entry from parking lot from Harvest properties, "Property detail.  Built in 1999 & 2000, Circle Star Plaza consists of two identical "Class A" office buildings totaling 207,896 square feet and a three-level parking garage structure that services both buildings. The "Class-A" amenities at the asset include a cafeteria, an outdoor plaza and daily on-site shuttle to and from the CalTrain."  South-East open space side view from Dostart Development Company, LLC, "Prior projects, 1 and 2 Circle Star way, San Carlos." 

Posted by Kathy Meeh


Anonymous said...

Pacifica would have bought the property for 90.1 million and sold it for 40 million. That is how we roll!

Anonymous said...

LMAO 956. You the man! Don't forget we'd pay out all of the 40 million to consultants and lawyers to defend us in the 5 lawsuits brought against the city for sheer stupidity and then float several bonds and raise the sewer rate out of habit.