| Bay Area Exchange Transaction Entailed Multifamily and Office Trades that Totaled $28.6 Mil
We’ve got news of a recent 1031 exchange that consisted of two Bay Area transactions totaling $28.6 mil. The exchange began with the $22.5 mil sale of Woodgate Apartments, a 34-unit multifamily community in Mountain View, and...
| Office Property in San Francisco’s Jackson Square Trades for $900/sf
Brick and Timber Collective LLC purchased 900 Kearny Street, a 30k sf, six-story office building in San Francisco, for $27 mil ($900/sf). The asset is 100% occupied by EastWest Bank, Bitmami, and Novani, among others.
| Leasing Underway at New Res Community in Oakland’s Uptown Neighborhood
Legacy Partners has begun leasing at Alexan Webster, a seven-story, 234-unit mixed-use community in Oakland’s Uptown neighborhood near Lake Merritt. The project, developed by Trammell Crow Residential and managed by Legacy, i...
| TriForge Capital Partners Lands $34 Mil in Financing for San Jose Housing Project
TriForge Capital Partners has obtained $34 mil in debt financing for the development of 7EMPIRE, a 97-unit, Class A, art-focused multi-housing community in San Jose. 7EMPIRE is currently under construction at 525 North 7th St...
| Two Bay Area Multifamily Properties Trade in Deals Totaling Over $23 Mil
We’ve got two recent Bay Area multifamily sales with a combined price tag of $23.4 mil to report. One of the deals was in the East Bay, while the other was in Silicon Valley.
In the larger of the transactions, Terra Castro V...
| Apple Spends $290 Mil on Two Office Properties in Cupertino
Apple has closed on the purchase of two Silicon Valley office properties for $290 mil. The buildings, Cupertino City Center 1 and Cupertino City Center 2, are located within the Cupertino City Center district at the corner of...
| Two Bay Area Multifamily Exchange Transactions Total $12.3 Mil
Two Bay Area apartment properties - one in Castro Valley and one in Redwood City – have sold in recent deals with a combined price of $12.3 mil. The property sales were part of a successful 1031 exchange.
The 1031 exchange b...
| Just Completed Office Building in Menlo Park Boasts Near-Zero Energy Use
Construction of Alma Station, a 25k sf, Class A office project in Menlo Park, has been completed. The office space will be fully occupied by The Schmidt Family Foundation and Schmidt Ocean Institute, led by Eric and Wendy Sch...
| Downtown San Jose Res Development Funded with $67 Mil in Joint Venture Equity and Construction Financing
Acquity Realty Inc has landed $67 mil in joint venture equity and construction financing for development of The Firestone, a mixed-use development in downtown San Jose. The financing was arranged by NorthMarq Capital.
| Apartment Property in East Bay City of Lafayette Sells for $12 Mil
A 25-unit apartment property in the East Bay city of Lafayette sold for $12 mil, or $480k per unit, which we’re told shatters the previous pricing record by more than $50k per unit and $44 per square foot. The property is loc...
| Longfellow Real Estate Partners Completes $200 Mil Silicon Valley Acquisition
Longfellow Real Estate Partners closed on its fifth west coast buy since late 2018, paying $205 mil for Palo Alto Technology Center (PATC), a 10-building, 259.6k sf ($790/sf) life science campus in Palo Alto.
The property i...
| Embarcadero Capital Partners and PCCP LLC Pay $70 Mil for 472k sf HQ Campus in Silicon Valley
Embarcadero Capital Partners and PCCP LLC have acquired Park Point, a 30-acre, 472k sf office/R&D project in Milpitas. The Three-building campus, located at 115 - 155 North McCarty Blvd, was sold by LA-based Hudson Properties...
| Bay Area Apartment Complex Purchased for $165 Mil
Brio, a 300-unit multifamily property in Walnut Creek, was acquired by San Mateo-based Essex Property Trust for $165 mil, or $550k/unit. The property is located at 161 N. Civic Drive, north of Ygnacio Valley Rd and east of I-...
| Google Completes $1 Bil Purchase from Verizon in North Sunnyvale
In what we understand to be the most expensive Bay Area sale so far this year, Google has acquired multiple properties in Sunnyvale from Verizon for around $1 bil, according to the Mercury News. The buildings are all in North...
| Investor Exchanges into $13.5 Mil Medical Office Facility in San Jose
Forest Surgery Center, a 19.7k sf, state-of-the-art medical office facility in San Jose, sold for $13.5 mil, or $685/sf. The purchase was part of a 1031 exchange that enabled the buyer to transition from long-term ownership i...
| Harvest Properties and AXA Investment Managers – Real Assets Buy Oakland Office Tower
A joint venture between Harvest Properties and AXA Investment Managers – Real Assets has acquired One80 Grand, a 279k sf, Class A office tower in Oakland. The price was not disclosed.
The acquisition represents a recapitaliz...
| Downtown San Francisco Res Project Lands $77 Mil in Construction Money
A planned, 109-unit condominium project located in downtown San Francisco is one step closer to getting underway as the developer, Z&L Properties Inc, has secured $76.8 mil in construction money. The development, 1554 Market ...
| San Francisco Office Vacancy Rate Decreases in First Half 2019 Even with Over 1 msf of New Inventory
This report provided by Jerry Holdner, Director of Research, Kidder Mathews
The first half of 2019 saw San Francisco’s office market add over 1 msf of new inventory. Despite over 200k sf being added in 2Q, the direct vacancy...
| Affordable Seniors Housing Project Breaks Ground in the East Bay
Alameda Point Senior Apartments, a 60-unit affordable rental community for seniors age 62 and older in the East Bay city of Alameda, has just broken ground. The project is being built through a partnership between Eden Housin...
| Two Belmont Multifamily Properties Fetch $25 Mil in Separate Deals
We’ve learned of two multifamily property sales totaling $25 mil in the Bay Area city of Belmont, a high-barrier to entry market in San Mateo County. Adam Levin and Robert Johnston with Levin Johnston represented the seller, ...