Dealmaker: Pulte Homes Buys Former San Mateo, Calif. Office Park for $106M

Pulte Homes, Atlanta, purchased an 11-acre former office park between San Francisco and Silicon Valley for $106 million.

One 90 Illustration courtesy of
Hoffman Company

Pulte Homes plans to redevelop the former Waters Technology Park in San Mateo into a 190-home residential neighborhood, said Hoffman Company Senior Vice President Cameron Fowler, who brokered the transaction.

Strada Investment Group, San Francisco, sold Waters Technology Park, which dates to 1979. The site is fully entitled under San Mateo’s general plan to allow four neighborhoods of two-story detached single-family homes as well as three-story townhomes, four-story rowhomes and condo-flats.

“This is easily the largest real estate deal of the year for new residential for-sale product in the supply constrained market of the San Francisco Peninsula,” Fowler said.

Pulte Homes plans to call the new community One 90. Shared amenities will include a playground, communal grills, dining tables and a garden.

The property is centered on Borel Creek and neighbors the Lakeshore community where the Bayshore Freeway meets the San Mateo Bridge.

The sale followed three years of entitlement and development work by Strada, Fowler said.