Harvest Properties Sells Second California Property This Year
Harvest Properties, a commercial real estate investment and development firm specializing in acquiring, developing, managing and financing commercial property, has sold the Circle Star office complex to the County of San Mateo for approximately $40 million.
Invesco Real Estate was the co-investor on the deal.
The two sides purchased the mortgage note on the 208,000-square-foot, two building office project, which includes a three-story parking garage, in June 2010. The complex, located in San Carlos, Calif., is currently vacant.
The partnership negotiated a deed in lieu with the borrower and took title in October 2010, selling the building to the County of San Mateo in five months and completing the entire transaction within 10 months.
“The quick turnaround on this distressed asset is a win for all parties involved, and I’m proud of our Harvest team for their ability to execute a business plan so efficiently and effectively,” said John Winther, founder and managing partner of Harvest Properties.
This is not the first transaction in 2011 for the Emeryville, Calif.-based company.
In January, the company worked with Equity Office Properties on the sale of a 255,000-square-foot state-of-the-art Bay Area commercial office building.
The California State Automobile Association (AAA) acquired the property as its headquarter campus that includes a four-story parking structure.
The real estate firm was instrumental in developing the campus from start to finish, relocating AAA from its former headquarters in San Francisco to its new East Bay location.