SAN FRANCISCO, Jan. 10, 2021 -JLL Capital Markets announced today that it has closed the $36 million sale of 6601 - 6603 Shellmound, a single-story flex/R&D building totaling 62,898 square feet in Emeryville, California.

JLL represented the seller, Griffin Capital, in the off-market sale of the property to Longfellow Real Estate Partners.

6601 - 6603 Shellmound is positioned on 2.27 acres just west of Interstate 580 and north of its intersection with Interstate 80 in the East Bay. The property is slated to undergo a life sciences conversion as part of Longfellow's Emeryville Biosciences Center on the adjacent parcel.

"The acquisition of 6601 Shellmound Street signifies Longfellow's commitment to the Emeryville market where we see strong demand and growth potential for the biotech sector," said Longfellow Chief Investment Officer West and Managing Director, Nick Frasco. "With the addition of Shellmound to our existing adjacent Emeryville site, we will be able to offer a nearly 200,000 square-foot campus of class A life science space to prospective tenants, with our first spec suite delivering in the second half of 2022."

The JLL Capital Markets team representing the seller was led by Senior Managing Director Michael Leggett and Senior Directors David Dokko and Erik Hanson.

"The East Bay life sciences cluster, particularly Emeryville and the West Berkeley Corridor, continues to be one of the most sought-after locations for both tenants and investors," Dokko said. "With a limited number of sites available in the market for development, assets that are well suited for life sciences conversion will continue to garner attention and price aggressively."

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients - whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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Jones Lang LaSalle Inc. published this content on 10 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 January 2022 20:37:02 UTC.