LPC West Acquires Medical Office Building in Burlingame, CA
BURLINGAME, Calif.--(BUSINESS WIRE)--Dec 17, 2018--LPC West, the West Coast arm of national real estate firm Lincoln Property Company, along with partner Angelo Gordon, has acquired 1720 El Camino Real, a Class A, medical office building near several major transportation hubs, including BART, Caltrain, Highway 101, and the San Francisco International Airport.
The three-story building encompasses more than 100,000 square feet on nearly four acres and is located directly adjacent to Sutter Health Mills-Peninsula Hospital, a $640 million, 450,000-square-foot hospital built in 2011.
LPC West and Angelo Gordon are planning a multi-million-dollar renovation of 1720 El Camino Real, including renovations to the lobby, courtyards, and common corridors, as well as upgrades to the building’s exterior and the addition of new interior and exterior signage.
The building is currently 85 percent leased to a variety of healthcare tenants. Medical groups with larger footprints include Lucile Packard Children’s Hospital (Stanford Children’s Health), Sutter Health, DaVita Dialysis Clinic, as well as Mid-Peninsula Endoscopy Center, part of Sutter Health’s Surgery Center Division.
“With a strong mix of institutional and medical users, adjacency to a world-class hospital, and accessibility from BART, Caltrain, and both the 101 and 280 Freeways, 1720 El Camino Real is poised for continued success,” said Brandon Wang, Executive Vice President of LPC West. “We are looking forward to implementing sizable improvements that will transform the property into a leading, Class A medical office building.”
Several nearby restaurant and retail amenities include the Burlingame Plaza, a 100,000 square foot shopping center that features a drug store, grocery store, and small shops. New housing has also been built near the property in recent years, with hundreds of new units set to be built following approval from the City of Burlingame.
Seth McKinnon of Newmark Knight Frank represented LPC West and Angelo Gordon in the transaction.
About Lincoln Property Company
Lincoln Property Company, founded in 1965 by its chairman Mack Pogue, is a privately-owned real estate firm involved in real estate investment, development, property management and leasing worldwide. Lincoln has offices in all major markets of the U.S. and throughout Europe. Lincoln’s cumulative development efforts have produced over 130 million square feet of commercial space and over 212,000 multifamily residential units. Lincoln Property Company is the second largest apartment manager in the United States. Access www.lpcwest.com for more information.
About Angelo Gordon
Angelo Gordon, L.P. is a privately held limited partnership founded in November 1988. The firm currently manages approximately $32 billion with a primary focus on credit and real estate strategies. Angelo Gordon has over 450 employees, including nearly 170 investment professionals, and is headquartered in New York, with associated offices elsewhere in the U.S., Europe and Asia. For more information, visit www.angelogordon.com.
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PUB: 12/17/2018 12:33 PM/DISC: 12/17/2018 12:33 PM