Acquisition Date: 3.11.2020
Building SF: 28,942
Land SF: 120,000
This opportunity was presented to Lift in late 2019 as an off-market lead through a Broker relationship. With demand for last mile distribution facilities accelerating, 201 Toland offered the unique opportunity to provide scalable warehouse space with direct access to San Francisco (±3 miles) and Silicon Valley. Lift seized the opportunity and enthusiastically set in motion a plan to revitalize this antiquated warehouse and transform the asset into the most functional property in its notable industrial enclave.
Acquired off-market in March 2020, Lift successfully negotiated lease terminations with in place tenants in order to deliver the full site to market. With the property now unencumbered by tenants, they embarked on – and completed – a comprehensive property rehab program. The updated property highlights include: new office build outs, structural improvements, dock work, site work, façade refresh and an eye-catching wayfinding mural.
Within ~6 months of closing, Lift executed an 8-year lease with a credit tenant for 100% of the project. The asset was sold in May of 2021.