SC Properties, a real estate investment, brokerage and property management company based in San Mateo, has recently acquired the San Mateo Gateway Center. This Class A office campus spans 235,000 square feet and is made up of three midrise buildings located at 1800, 1810 and 1820 Gateway Drive. At the time of purchase from Kennedy Wilson, the property was approximately 40% vacant.
The acquisition was spearheaded by SC Properties’ partner Kevin Phillips and managing director Chris Giotinis. Cushman & Wakefield’s managing director Gary Boitano and JLL’s senior managing director Clarke Funkhouser provided consultation on the deal and have been retained to lead project leasing for the campus.
“We are thrilled to have been chosen as buyers for this exceptional property,” said Phillips. “The previous owner did an outstanding job maintaining it, but we see potential for even more value-add opportunities.” He added that being located in their own backyard makes this acquisition even more exciting for SC Properties as they have a strong track record of successful local real estate management.
Overall summary:
-SC Properties acquires San Mateo Gateway Center
-Class A office campus spanning over 235k sq ft
-Made up of three midrise buildings at address:1800/1810/1829 Gateway Dr.
-Purchased from Kennedy Wilson with approx.40% vacancy rate
-Acquisition led by partners Kevin Phillips & Chris Giotinis
-Cushman & Wakefield’s Gary Boitano consulted on deal
-JLL’s Clarke Funkhouser retained to lead project leasing
-Phillips excited about adding value through their expertise in local real estate management
