The property asset involved in this transaction is the San Mateo Gateway Center, which consists of three buildings located at 1800, 1810, and 1820 Gateway Drive. The office campus spans a total of 235,000 square feet and was sold for $37.5 million, indicating a price per square foot of $160. The market is San Mateo, and at the time of the sale, the property was approximately 60% occupied.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $37,500,000
• Square Footage: 235,000
• Price per Square Foot: $160
• Buyer: Kevin Phillips & Chris Giotinis - SC Properties
• Seller: Kennedy Wilson
• Broker - SC Properties' Representative: Clarke Funkhouser - JLL
• Broker - SC Properties' Representative: Gary Boitano - Cushman & Wakefield

SC Properties acquired the San Mateo Gateway Center from Kennedy Wilson, reflecting a significant decline in price from its previous purchase of $87.5 million in 2019. The new owners plan to utilize their local market insights to address the vacancies in a recovering office market.