Burlingame sites are grabbed by developer, could become big campus
[ad_1]
BURLINGAME — A shopping spree for Burlingame properties now tops $100 million and has enabled a big-time Bay Area developer to assemble a large chunk of land along the Peninsula bayfront.
In the most recent burst of purchases, DivcoWest paid $53.1 million for six parcels on Old Bayshore Highway in Burlingame, documents filed on March 16 with the San Mateo County Recorder’s Office show.
Yet these are only DivcoWest’s most recent slew of deals on this stretch of Old Bayshore, according to this news organization’s review of the county property records.
Prior to this month’s purchases, DivcoWest spent $55.7 million over a period from August 2021 through January 2022 buying sites next to the just-bought parcels.
That brings the total value of the DivcoWest land deals along Old Bayshore Highway in Burlingame to $108.8 million, according to the property records.
DivcoWest wove together the properties into a contiguous set of parcels that gives DivcoWest control over roughly 15 acres, based on information culled from county assessment maps.
The sites occupy a half-mile stretch next to Old Bayshore Highway and the nearby bayfront.
Among the prominent businesses on the sites that DivcoWest purchased over an eight-month period: Max’s of Burlingame restaurant, Holiday Inn Express San Francisco Airport, Caribbean Gardens bar and Se Como Asi Taqueria.
Some office buildings, surface parking lots and some vacant parcels also occupy the sites now owned by DivcoWest.
The deals are a reminder that major real estate players and tech titans hunger for properties in San Mateo County as well as sites in the Silicon Valley digital hubs in Santa Clara County.
DivcoWest has become an active player in Santa Clara County, San Mateo County and Alameda County.
On Jan. 7, the company paid $164.5 million for an office building in South San Francisco. On Dec. 16, DivcoWest bought an office building in Fremont’s Ardenwood district for $72.2 million.
In 2020, DivcoWest paid a jaw-dropping $610 million for an office campus on world-famous Sand Hill Road in Menlo Park.
In downtown San Jose, DivcoWest also is busy finishing up a wide-ranging revamp of the old Bank of the West office building at 2 W. Santa Clara St.
At the just-bought Burlingame sites on Old Bayshore Highway, the location and nature of the properties could make the parcels attractive for redevelopment, especially with the involvement of a savvy developer such as DivcoWest.
Tech, biotech, and life sciences companies have been eager to lease or buy office buildings and other sites on the Peninsula and in the South Bay. Google, Apple, Facebook, LinkedIn, Amazon, Applied Materials, Fortinet and Intuitive Surgical are among the corporate players.
[ad_2]
File source
