4/30/2007

San Mateo office bldg sells for $48.5 million

by
Foster City, Calif.-based Legacy Partners Realty Fund II LLC purchased the 138,205-square-foot office building at 1850 Gateway Dr. in San Mateo, Calif. for $48.5 million on April 30.

Gary Willard and Linda Marie Santiago of NAI BT Commercial represented the seller, San Mateo Plaza Investors LLC, in the transaction.

The seven-story building, which was built in 1990 and sits on a 5.1-acre parcel, is 75 percent leased to five tenants including two floors to Sprint Communications.

Last year, Legacy said their fund will also invest some of their $457 million in office and industrial properties in Seattle, Denver and in Northern and Southern California.

Legacy is currently promoting "Xtreme Leasing" buy offering a $1 per square foot commission to procuring brokers who execute a lease at by Sept. 30 for a minimum term of four years.

Address: 1850 Gateway Dr.

Size: 138,205 sq. feet

Built: 1990

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Filed Under: Office

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