SAN FRANCISCO--(BUSINESS WIRE)--BRE Properties, Inc. (NYSE:BRE), a real estate investment trust (REIT) that owns apartment communities located primarily in major metropolitan markets in Southern and Northern California and Seattle, today announced the acquisition of land for future development in San Francisco’s Mission Bay district for a total purchase price of approximately $41.4 million.
BRE acquired two parcels of land in the Mission Bay district, located along San Francisco’s waterfront and adjacent to the San Francisco Giants’ ballpark. The parcels are entitled for residential use and can be developed in phases. Phase I includes 170 market-rate apartment units and 17,000 square feet of retail; Phase II can be developed with an additional 190 market-rate units. Future residents will be a part of the expansive Mission Bay master plan redevelopment, which will include 6,000 residential units; 280,000 square feet of neighborhood-serving retail; 4.4 million square feet of commercial, medical and biotech lab space; and more than 41 acres of parks and open space. The convenience of Mission Bay’s work-life redevelopment plan has attracted a substantial employment base, including the new UCSF Medical Center and research campus, Bayer Healthcare Pharmaceuticals, FibroGen, Nektar Therapeutics, and Old Navy headquarters. Mission Bay also is home to the future 2-million-square-foot corporate campus of Salesforce.com.
“We are excited about developing two of the last remaining market-rate apartment parcels in the Mission Bay master plan,” said Stephen C. Dominiak, BRE’s executive vice president, chief investment officer. “The lack of available land, strong anticipated revenue growth, limited supply, and proximity to local employers and mass transit will create an ideal environment to support BRE’s future growth in the San Francisco marketplace.”
The company expects pre-development work to take place over the next 12-15 months, with construction commencing in mid-2012.
About BRE Properties
BRE Properties, based in San Francisco, California, focuses on the development, acquisition and management of apartment communities located primarily in major metropolitan markets in Southern and Northern California and Seattle. BRE directly owns 75 multifamily communities (totaling 21,318 units) and has joint venture interests in an additional 13 apartment communities (totaling 4,080 units). BRE Properties is a real estate investment trust (REIT) listed in the S&P MidCap 400 Index. For more information on BRE Properties, please visit our website at www.breproperties.com. (Property data as of 12/31/10)