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The San Francisco commercial real estate firm Blox Ventures acquired a lively block in Downtown Redwood City for nearly $50 million from DWS Asset Management, who owned the property since 2006.
The purchase comprises 200,000 square feet of restaurants, including UCSF Health, Century Theatre, Five Guys, Vitality Bowls, and other retail stores; office space; and land at 830–890 Jefferson Avenue, 801–885 Middlefield Road, and 2107–2125 Broadway. Blox Ventures said in a press release that the acquisition was motivated by an investment in “dynamic, well-located communities with strong long-term growth potential.”
“Successful downtowns are shaped over time,” the chief executive officer of Blox Ventures, Jason Oberman, said. “Blox Ventures’ vision focuses is to preserve the district’s existing character while strengthening its role as a walkable destination of small storefronts, local food purveyors, and everyday services.”
The real estate firm, which purchased the property for $46 million, intends to “enhance” landscaping for outdoor dining and gathering, according to the press release, and to add a playground to foster a “timeless, family-oriented community environment.”
The property is surrounded by employers such as the Chan Zuckerberg Initiative, McKinsey and Box, which appealed to Blox Ventures for the accessibility of promoting a “work/play balance” and bolstering “healthy living and long-term vitality,” the release states.
Past projects by Blox Ventures in the area include the Emeryville Public Market, First Republic’s Silicon Valley office hub in Palo Alto, a venture capital workspace in Menlo Park, a three-building research and development and office campus in Mountain View and “The Rails,” where Google’s Waymo autonomous vehicle campus and Google X live.
Blox Ventures was founded in 2015 and has since repositioned over six million square feet of real estate valued at over $3 billion, according to the company, and seeks to create “long-term value for communities and investors.”
Find out more about the company at www.bloxventures.com.
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