Union City, CA

$32,800,000 First Mortgage

In March 2023, a $32.8 million first mortgage was provided for an industrial property located at 33589 Central Avenue in Union City, California, intended for conversion into a life science facility. The property comprises approximately 62,000 square feet and was vacant at closing, supporting a value-add business plan focused on a full life science redevelopment. The strategy contemplated a post-acquisition renovation and conversion to a state-of-the-art life science asset, with underwriting based on achieving stabilized life science rents following completion.

The property is strategically positioned in the East Bay within the core San Francisco Bay Area life science ecosystem, with close proximity to Stanford University, UC Berkeley, and UCSF.