Square Mile Capital Management has originated a $118 million loan to finance the development of 777 Industrial, a planned 150,000-square-foot class A, R&D and life sciences lab building to be built in San Carlos, Calif.
Square Mile Capital provided the construction financing to a partnership managed by Presidio Bay Ventures, led by K. Cyrus Sanandaji and Kabir Seth, and an institutional equity joint venture partner.
Today the site is home to an existing car dealership, and the development will entail building a brand-new four-story class A building on top of the existing parking podium. The project will seek LEED Gold, FitWel, GBAC and USRC certifications and feature state-of-the-art lab buildouts, a fitness center with full locker rooms, an approximate 4,000-square-foot roof deck and ample outdoor seating. The prime location is both transit oriented and situated for highly sought-after visibility along the Highway 101 corridor.
“The San Carlos submarket i
