San Francisco, CA – The Landing at Oyster Point, a 42-acre waterfront development site in South San Francisco, has sold for $171 million. The property was acquired by a joint venture led by Greenland USA, a U.S. affiliate of Shanghai-based Greenland Group, a leading worldwide developer who specializes in large-scale properties. Greenland USA partnered with Ping An Trust, Agile Group, and Poly Sino Capital Ltd. to form the joint venture, Oyster Point Development LLC. The buyers were represented by Kidder Mathews’ China Services brokers, Skip Whitney, Timothy Mason, and Alexander Mason, in the transaction.
The previous owners, Shorenstein and SKS Partners, purchased the property in 2008 and worked with the city to fully entitle a development plan for life science and office space. The site is the largest remaining contiguous development site in South San Francisco, the world’s leading biotech hub. It is well located with close proximity to Highway 101 and the South San Francisco Caltrain station. Presently, the site includes 400,000 square feet light industrial space, a 235-berth marina, and a 30-room boutique hotel and restaurant.
Oyster Point Development LLC will invest $1 billion to develop a large-scale, state-of-the-art office and life science campus, which will include restaurants, public open space, and recreational areas. The initial construction phase of 500,000 square feet is scheduled to begin mid-2018, following city improvements to streets, utilities, and grading. Development will steadily continue to a final 2.25 million square feet, expected to be complete by 2021.
Greenland USA has retained Kidder Mathews to manage The Landing at Oyster Point. The senior property manager is Kidder Mathews vice president, Nancy Babb.
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Kidder Mathews is one of the largest independently owned commercial real estate firms on the West Coast, with over 550 real estate professionals and staff in 14 offices in Arizona, California, Nevada, Oregon, and Washington. Kidder Mathews offers a complete range of brokerage, appraisal, property management, consulting, sustainability, and project and construction management services for all property types. The firm performs $4.7 billion in transactions, manages over 37 million square feet of space, and conducts over 1,300 appraisals annually. For more information, visit Kidder Mathews.