±5,800 SF Plug & Play Office On A Spacious ±27,000 SF Lot Holds High Potential
Redwood City, CA, 5/23/2019 - As the San Francisco Peninsula becomes more and more dense with companies expanding into the market by leasing and preleasing space, the demand rises for large parcels of land in San Mateo County. Could the tech market potentially expand further out to Half Moon Bay? The coastal city bordered by beautiful beaches is only a short drive away. With how badly congested traffic has become along US 101, the scenic drive to Half Moon Bay would be a nice change of pace in comparison.
"Given the unique location of Half Moon Bay, larger office users are harder to come by. This makes for tremendous value for those who don't have to or want to be in one of the denser Bay Area cities." states Colliers International Senior Associate Ryan Young.
The buyer of 700 Monte Vista Lane has a long history with Half Moon Bay and is actually the original developer who subdivided and built the property in 1996. Knowing the potential value a ±27,000 SF lot in the Bay Area holds, the local Half Moon Bay-based developer and winemaker purchased the property. 700 Monte Vista Lane was home to the former Seacrest School, then a tax attorney office, before selling for over final asking price. Colliers International brokers, Ryan Young along with Vice President Craig Walsh, brokered the deal.
700 Monte Vista Lane is located right next to the future Pasta Moon restaurant in a C-R (commercial-residential) zone allowing for medical, office, school or residential use. The new owner is considering what the next and best use will be for the property and neighborhood.
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Colliers International (NASDAQ, TSX: CIGI) is a leading global real estate services and investment management company. With operations in 68 countries, our 14,000 enterprising people work collaboratively to provide expert advice and services to maximize the value of property for real estate occupiers, owners and investors. For more than 20 years, our experienced leadership team, owning more than 40% of our equity, have delivered industry-leading investment returns for shareholders. In 2018, corporate revenues were $2.8 billion ($3.3 billion including affiliates), with more than $26 billion of assets under management.
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Download the press release here: Green Half Moon Bay Building has Redevelopment Value