Key South San Francisco sites are bought

SOUTH SAN FRANCISCO — The biotech and tech hotbeds of South San Francisco continue to entice real estate investors, with buyers purchasing sites in prime locations for more than a combined $100 million in just two days.

Real estate firms bought a parking lot next to the Golden Gate Produce Terminal on Terminal Court and a building and land at 573 Forbes Blvd., according to documents filed in early May with the San Mateo County Recorder’s Office.

The purchases are a sign that investors still hunger for key sites in South San Francisco, which has become one of the most active regions in the nation for the development of spaces and buildings that can be used by life science and biotech companies.

The two purchases totaled a combined $115 million, the county records show:

573 Forbes Blvd. in South San Francisco, shown within the outline. Boundaries are approximate. (Google Maps)

— Steelwave, a real estate firm that acted through an affiliate, paid $85 million on May 5 for a surface parking lot on Terminal Court that’s next to the wholesale produce complex, according to the property documents.

— An affiliate linked to Boston-based Breed’s Hill Capital paid $30 million on May 6 for an industrial building and land at 573 Forbes Blvd., the property files show.

Both of these properties could be ripe for development, based on recent real estate trends in South San Francisco and the Peninsula generally.

The parking lot next to the produce terminal is near the interchange of US Highway 101 and Interstate 380.

The 573 Forbes property is located next to and near several sites that are occupied or owned by Genentech.

Steelwave, in particular, has shown plenty of interest in the development or redevelopment of sites so they could be transformed into modern tech or biotech spaces.

In late December 2021, Steelwave paid $98 million for a South San Francisco site where a Safeway store, office buildings, research spaces and additional retail sites are slated to be developed at 180 El Camino Real.

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