The Florida State Board of Administration (SBA) has closed on a life sciences development property in the San Francisco Bay Area, according to a board meeting document from June 29. The pension fund paid $177 million for the property and put $80 million of equity into the transaction.
Industry sources report the asset was the Brittan West life sciences property in San Carlos, Calif. The seller was a joint venture between Redwood City, Calif.–based Premia Capital and Menlo Park, Calif.–based Prince Street Partners.
The site was previously planned for a 173-room hotel, but the developer decided not to proceed with the project and sold the property, located at 1091 Industrial Road. In March 2020, the site was rezoned for general commercial and industrial, and will now be replaced with the 138,710-square-foot, three-story life sciences building with valet parking.
Florida SBA focuses on demographically driven sectors, such as medical office, life sciences and mu
