Phil Belling Of LBA Realty Acquires Industrial Facility From Luke J. Petherbridge For $45.5M

The industrial asset at 868 Cowan Road in Burlingame comprises 55,700 square feet and sits on 2 acres of land. The property was sold for $45,500,000, equating to a price per square foot of $817. It is classified as a Class B property and is currently leased to tenants including Gate Gourmet, with its proximity to San Francisco International Airport enhancing its appeal in the market.

Summary of transaction details:

• Property Type: Industrial
• Transaction Amount: $45,500,000
• Address: 868 Cowan Road
• Market: Burlingame
• Square Footage: 55,700
• Price per Square Foot: $817
• Buyer: Phil Belling - LBA Realty
• Seller: Luke J. Petherbridge - Link Logistics
• Lender: Bank of America

Phil Belling from LBA Realty represented the buyer in the acquisition, while Luke J. Petherbridge from Link Logistics represented the seller in this transaction. Bank of America provided financing to facilitate the sale of this property, which had previously been purchased by Link Logistics for $45 million in 2021.