SFO Logistics Center Sells To Centrum

Centrum Properties and Angelo, Gordon, & Co. purchased SFO Logistics Center from the GSA for roughly $72M. The price also included an adjacent 5 acre parcel which the buyers will use to improve accessibility to the warehouse, in addition to building an additional 50K SF of industrial space on.

The logistic center/warehouse is approximately 571K SF on a 19.5 acre parcel and is locatd at 1070 San Mateo Avenue in South San Francisco.

Financing for the project was arranged by HFF. A three-year, non-recourse loan was provided through Capmark. The adjustable-rate debt was priced at 325 basis points over the 30-day LIBOR, and represented a 70% LTV.

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