Manova Partners purchases fully leased mixed-use asset in San Mateo, CA

SAN MATEO, Calif. - Rezul -- Manova Partners, a boutique international property investment manager with €12 billion in assets under management and headquartered in Munich, Germany, announced the purchase of Parallel on Fourth, a fully-leased mixed-use property at 405 East 4^th Avenue in downtown San Mateo.

"This is a stable asset, anchored by a strong tenant, in the heart of a downtown offering excellent 'live-work-play' amenities," said Chris Quiett, Head of U.S., Manova Partners. "We like the strong cash flow the building provides from day one and we intend to seek additional value from the asset over time by exploring operational efficiencies," he added.

Parallel on Fourth consists of 15 residential units above 62,338 square feet of Class A office space and 2 levels of subterranean parking. The property was built in 2019.

The office space is 100% leased to Verkada, Inc., a leading provider of cloud-based security and operating systems. Verkada was founded in 2016 and Parallel on Fourth is its headquarters. Verkada also master leases 13 of the 15 residential units with the remaining units offered Below Market Rate (BMR). The property has parking for 88 vehicles.

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Eric Ramm, Partner, led the Manova investment team negotiating the transaction. The property was marketed for sale by a JLL Capital Markets team led by Will Connors and Adam Lasoff.

Manova Partners has an investment strategy targeting the acquisition of top-quality assets with credit tenancy in high barrier-to-entry submarkets. The firm has invested in U.S. assets for more than 18 years and currently manages a $3.4 billion portfolio including office buildings, logistics facilities, retail shops and other commercial properties. It offers customized solutions and invests on behalf of separate accounts as well as funds.

About Manova Partners GmbH
www.manovapartners.com