Centrum Properties to Begin $23 Million Upgrade Project of South San Francisco Logistics and Distribution Center.SOUTH SAN FRANCISCO South San Francisco, city (1990 pop. 54,312), San Mateo co., W Calif.; inc. 1908. South San Francisco has several industrial parks; its manufactures include medical supplies and equipment, foods, paint, paper products, consumer goods, and clothing. , Calif. -- Centrum centrum /cen·trum/ (sen´trum) pl. cen´tra [L.] 1. a center. 2. the body of a vertebra. cen·trum n. pl. cen·trums or cen·tra 1. Properties announced today that the company will initiate a $23 million upgrade and modernization modernization Transformation of a society from a rural and agrarian condition to a secular, urban, and industrial one. It is closely linked with industrialization. As societies modernize, the individual becomes increasingly important, gradually replacing the family, of the SFO SFO (in Britain) Serious Fraud Office Logistics Center, a regionally important distribution facility in South San Francisco. Centrum's upgrade project will turn what is already a sought-after commercial facility into the Bay Area's premier warehouse distribution center. The SFO Logistics Center was built 60 years ago and has long played a vital role as a warehouse and distribution facility for the General Services Administration The General Services Administration (GSA) was established by section 101 of the Federal Property and Administrative Services Act of 1949 (40 U.S.C.A. § 751). The GSA sets policy for and manages government property and records. and U.S. Postal Service The U.S. Postal Service (USPS) processes and delivers mail to individuals and businesses within the United States. The service seeks to improve its performance through the development of efficient mail-handling systems and operates its own planning and engineering programs. . "We're delighted that Centrum Properties is making this major investment in our city," said Marty Van Duyn, Director of the Economic and Community Development Department for the City of South San Francisco. "The Centrum project is one of the largest real estate investments ever made here and it is a vote of confidence for the City of South San Francisco, our business climate and our economy." The SFO Logistics Center is a 572,000 square-foot warehouse and distribution facility situated on 26 acres with easy access to three major freeways and the San Francisco International Airport “SFO” redirects here. For other uses, see SFO (disambiguation). For the television series, see . . The refurbished Logistics Center will provide a golden opportunity for South San Francisco's existing distribution companies to take advantage of a newly modernized facility. As logistics companies in the city move into the Logistics Center, commercial real estate in the city's award-winning biotech bi·o·tech n. Informal Biotechnology. biotech Noun short for biotechnology Noun 1. business zone will become available to other companies looking to expand, particularly growth industries such as biotech and life sciences. South San Francisco now has over eight million square feet of state-of-the-art Biotech office space. Renovations are expected to begin in early 2009. During this time Centrum will continue to offer leasing opportunities to tenants. The project will be completed and available for lease by new tenants in October 2009. Improvements to the site include seismic safety updates, infrastructure enhancements, tenant upgrades and installation of new buildings. "The city of South San Francisco is an excellent location and we believe this investment will be a major success," said Michael McLean There are a number of people named Michael McLean:
Centrum Properties and its equity partner Angelo, Gordon & Co. purchased the property for $36.5 million from the General Services Agency in August 2008. Full funding for the project has already been secured. Centrum Properties is a Builder 100 Company and has been creating innovative residential and commercial spaces nationwide since 1980. The firm is based in Chicago with ongoing real estate developments spearheaded by free-standing offices in Chicago, Nashville and Miami. For more information visit, www.centrumproperties.com. |
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