Big developer wheels and deals for downtown Redwood City sites

REDWOOD CITY — A real estate development firm has begun to quietly widen its footprint in downtown Redwood City with property purchases next to one of the company’s high-profile projects.

IQHQ, a Southern California developer that is developing a mixed-use office, housing and retail development in downtown Redwood City that’s called Elco Yards, is buying sites on blocks adjacent to the huge project.

Through an affiliate, IQHQ paid $13.5 million for a property at 1745 El Camino Real in Redwood City, according to documents filed on Nov. 2 with the San Mateo County Recorder’s Office.

IQHQ bought the parcel in an all-cash deal, the county documents show. Family trusts named for Nicholas Athens and Candida Athens sold the property to IQHQ.

A BevMo! wine and spirits store is the principal occupant of the property that IQHQ has just purchased, Google Maps shows.

Yet this isn’t the only property next to the Elco Yards development site and near the 1745 El Camino Real parcel that IQHQ has bought so far in 2022.

In January 2022, an IQHQ affiliate paid $4.1 million for a parcel at 128 Cedar St., which is about a block away from the 1745 El Camino property.

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