Harvest Properties and an affiliate of Cerberus Capital Management have sold DC Station, a 385,000-square-foot class A office building and an adjacent seven-level parking structure in Daly City, Calif. The financial terms and buyer were not disclosed.
The joint venture acquired the asset located at 2001 Junipero Serra Blvd. in April 2018. DC Station benefited from an attractive transit-oriented location, large and flexible floorplates, recently completed on-site amenities, and overall high asset quality relative to its replacement cost and other comparable trades in the marketplace.
Approximately 70 percent leased at the time of acquisition, the partnership implemented a robust leasing program that resulted in the execution of more than a dozen leases, exceeding 105,000 square feet to bring the occupancy to more than 90 percent by early 2020.
“DC Station was an under-leased but high-quality, transit-oriented asset that we were able to acquire at a compelling b
