Jay Paul snaps up RC Malibu Granbd Prix and plans 3 office towers

Jay Paul snaps up Redwood City's Malibu Grand Prix, plans 3 office towers

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The former Malibu Grand Prix site in Redwood City could give way to a new office park after being acquired by Jay Paul Co.

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Nathan Donato-Weinstein

Real Estate Reporter- Silicon Valley Business Journal

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The Jay Paul Co. is coming back to Redwood City in a big way.

The San Francisco-based developer, which built Redwood City's massive Pacific Shores Center in the late-1990s, has purchased the 20-acre former site of Malibu Grand Prix at 340 Blomquist St., according to public records.
The price was not disclosed, but market sources estimated the property sold in the neighborhood of $40 a dirt foot, or roughly $34.85 million. Graniterock, which leased the site to the now-closed amusement park, was the seller.

Phil Mahoney, Jay Paul's longtime broker representative, said details and design are still being worked out, but the developer is planning a major new Class A office campus for the site, to be called Harbor View Place.

"It's going to be a really iconic product in the mid-Peninsula corridor, similar to Moffett Towers, but with some new bells and whistles," Mahoney said.

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See earlier story: Is someone buying Redwood City's Malibu Grand Prix?

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Mahoney and C&CNKF colleague Brad Van Linge represented Jay Paul Co. Graniterock was represented by Ben Paul and Eric Fox of Cassidy Turley.

The location — near the intersection of Highway 101 and Seaport Boulevard — is a rare large parcel fronting Silicon Valley's most important vehicular artery. And it sits in a submarket that has seen strong tenant demand in recent quarters.

Redwood City has tracked 207,000 square feet of net absorption year to date through September, according to Colliers International research. The city's vacancy rate is below 10 percent, the rate generally considered to be a landlord's market.

That is pushing the most significant new office construction in the city in years. Kilroy Realty Corp. and Hunter/Storm are building Crossing/900, a speculative 300,000 square foot office project in the city's downtown core.

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Nathan Donato-Weinstein covers commercial real estate and transportation for the Silicon Valley Business Journal.

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