$1.28 Million per Acre in Daly City

Daly City Land I LLC acquired three parcels of land totaling 2.15 acres at the Serramonte Plaza in Daly City, CA, for approximately $2.75 million, about $1.28 million per acre. A leased fee interest on 355 Gellert Blvd., a 2-story, 48,492-square-foot office building, was included in the sale. Serramonte Plaza is a 13-building, 223,000-square-foot mixed-use property containing more than 94,000 square feet of office space and nearly 80,000 square feet of retail and restaurant space. Seagate Buchanan Associates LLC purchased the complex in February 2002 from LTA Realty Corp. for $31 million. The property is located off Interstate 280 at the intersection of Gellert and Hickey Blvds., a quarter mile south of Serramonte Center, a regional mall anchored by Macy’s, Mervyn’s and a newly relocated Target store. By: Adam Jarrett & Mike Pida (5/7/02)