Pharmaceutical giant buys in California

Warehouse tenant's lease expires in 1 year

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Marcus & Millichap arranged the sale of a 114,000-square foot warehouse/manufacturing building in the Cabot and Forbes Industrial Park in South San Francisco, Calif. The property commanded an $11.2 million sales price. A Palm Desert, Calif., private investor sold the property through a 1031 exchange to South San Francisco-based Genentech Inc., an international pharmaceutical company. The industrial park is located on five acres situated next to the headquarter campus of Genentech. The warehouse/manufacturing area encompasses approximately 84,000 square feet. The two-store office portion of approximately 30,000 square feet has a large lobby, elevator, conference room and show rooms. The tenant, Keeco, a manufacturer, importer and wholesaler of soft goods, has occupied the premises in good standing with a triple-net lease since 1987. The current lease is valid through the end of 2005. BT Commercial Co. represented the buyer in the transaction. Encino, Calif.-based Marcus &...