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September 07, 2016

Chinese Investors Buy South San Francisco Development Site for $171Mln

Commercial Real Estate Direct

Jenny Robinson

A venture led by Greenland USA has paid $171 million for the Landing at Oyster Point, a South San Francisco development site that is slated to be redeveloped into office and life-science space.

GreenlandUSA, an arm of Greenland Group of Shanghai, leads the venture, which also includes Ping An Trust, Agile Group and Poly Sino Capital Ltd. The venture was represented by Kidder Mathews, which is also managing the property.

The 42-acre waterfront site, along Oyster Point Boulevard, is about 10 miles south of San Francisco. The property currently includes 400,000 square feet of industrial space, a 235-berth marina and a 30-room boutique hotel and restaurant.

The property will be redeveloped into 2.25 million sf of office and life-science space, along with restaurants, open space and recreational areas. Construction is slated to start in 2018, with completion scheduled for 2021.

The City of South San Francisco will provide $30 million to fund infrastructure work at the $1 billion project. The city is home to 240 biotech-related companies, including Genentech.

The original Oyster Point developer, a venture of Shorenstein Properties and SKS Development, had purchased the site in 2008 for $85 million and obtained zoning approvals.

GreenlandUSA has stakes in other large U.S. development ventures, including the massive Metropolis mixed-use property that's being built in downtown Los Angeles. That project will have some 1,500 residential condominium units, retail space and a 19-story hotel.

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