California

PG&E to Move to Oakland, Sell San Francisco Headquarters

by John Nelson June 9, 2020

SAN FRANCISCO AND OAKLAND, CALIF. — PG&E Corp. (NYSE: PCG), parent company of West Coast utilities company Pacific Gas and Electric Co., has entered into a long-term lease at 300 Lakeside, a 824,469-square-foot office building situated along Lake Merritt in Oakland. Starting in 2022, the publicly traded firm will move away from its longtime downtown San Francisco headquarters at 77 Beale St. and 245 Market St. The company plans to sell the buildings, pending approval of the bankruptcy court. PG&E entered into bankruptcy protection in January 2019 that included a $13.5 billion settlement for approximately 70,000 victims of the Northern California wildfires in 2017 and 2018, according to the San Francisco Business Times. The company’s power lines were reported to have sparked the fires. PG&E plans to request approval from the California Public Utilities Commission to return the net gain realized upon the future sale of its San Francisco headquarters to its customers. The company currently owns and occupies roughly 1 million square feet of office space in San Francisco, according to the San Francisco Business Times. PG&E’s lease in Oakland includes a purchase option from landlord TMG Partners taking effect in 2023, the same year that PG&E plans to …

June 9, 2020

California Development Multifamily Western

Phoenix Development, Integrity Housing Plan Dutton Flats Affordable Apartments in Santa Rosa, California

by Amy Works June 8, 2020

SANTA ROSA, CALIF. — Phoenix Development Co., in partnership with Irvine, Calif.-based Integrity Housing, has closed financing and started construction on Dutton Flats Apartments in Santa Rosa. Located at 214 W. Third St., Dutton Flats Apartments will feature 40 affordable apartments to serve low-income families with children, along with one manager’s unit. The apartments will feature a great room with an open kitchen, dining and living area, as well as Energy Star appliances, LED lighting, high-efficiency heating and energy-conserving windows and insulation. Community amenities will include a community room, laundry room, technology center, bike repair area, fitness center, children’s activity room and picnic/barbecue area. The community is located in downtown Santa Rosa and in close proximity to schools and employment. Additionally, the property will feature a bus shelter for ease of transportation to off-site services. Dutton Flats is owned by Dutton Flats LP, consisting of Phoenix Development Co., Integrity Housing and Berkadia. Exchange Bank loaned $13 million for construction, while The Housing Authority of the City of Santa Rosa provided an additional $3.1 million. Precision General Commercial Contractors is building the property, which KTGY Architecture & Planning designed. FPI Management will manage the completed community.

June 8, 2020

Acquisitions California Retail Western

SRS Brokers $9.5M Sale of Shops at El Camino Real in Belmont, California

by Amy Works June 8, 2020

BELMONT, CALIF. — SRS Real Estate Partners has negotiated the sale of Shops at El Camino Real, a retail center located at 1200 El Camino Real in Belmont. A Northern California-based private investor sold the asset for $9.5 million, or approximately $1,200 per square foot. Peet’s Coffee & Tea, Detox Kitchen & Juice Bar, Menchie’s Yogurt, SuperCuts, Toto’s Pizzeria and AT&T are tenants at the two-building, 8,014-square-foot retail center. Built in 1999, the property is an outparcel to a Safeway-anchored retail center. Chris Tramontano, John Redfield and Bruce Frazer of SRS’ National Net Lease Group represented the seller. The Gilmartin Group represented the undisclosed buyer in the transaction.

June 8, 2020

California Data Centers Development Industrial Western

CoreSite Completes Final Phase of SV8 Data Center in Santa Clara, California

by Amy Works June 8, 2020

SANTA CLARA, CALIF. — CoreSite Realty Corp. has completed the third and final phase of SV8, a 162,000-square-foot data center development in Santa Clara. The final phase consists of a 54,000-square-foot building with six megawatts, with 11 percent of the building pre-leased. The first two phases, totaling 108,000 square feet, are fully leased. The 18-megawatt, purpose-built SV8 project is part of CoreSite’s Santa Clara and broader Silicon Valley connected campus, with close proximity to the heart of the high-tech Silicon Valley market.

June 8, 2020

Hampton-Inn-Breakwater-Town-Center-Imperial-Beach-CA

California Development Hospitality Western

Sudberry Properties, Tharaldson Hospitality Open Hampton Inn & Suites in Imperial Beach, California

by Amy Works June 5, 2020

IMPERIAL BEACH, CALIF. — Sudberry Properties and Tharaldson Hospitality Management have opened Hampton Inn & Suites by Hilton at Breakwater Town Center in Imperial Beach. Situated on 1.5 acres, the four-story, 62,000-square-foot property is the final phase of Breakwater Town Center, a public-private partnership by the city of Imperial Beach and Sudberry Properties. Located at 771 Palm Ave., the newly constructed hotel features 100 guest rooms, a fitness center, breakfast and lounge area, business center, outdoor swimming pool, free Wi-Fi and 100 parking spaces. The hotel’s development team includes Joseph Wong of San Diego-based JWDA, Las Vegas-based Design Cell Architecture and Carlsbad, Calif.-based Watkins Landmark Construction. Heritage Inn of Imperial Beach LLC owns the hotel. Sudberry and Tharaldson are serving as managing partners. Tharaldson Hospitality Management operates the hotel under a franchise agreement with Hilton Worldwide Holdings.

June 5, 2020

California Loans Office Western

Gantry Arranges $35M in Financing for Two San Francisco Office Buildings

by Amy Works June 5, 2020

SAN FRANCISCO — Gantry has secured $35 million in permanent financing for two Class B office buildings in San Francisco. Located at 1301 Sansome St. and 945 Battery St., the two buildings are situated just north of San Francisco’s Financial District. Built in 1910-1940 and renovated in 1999, 1301 Sansome Street features six stories, including a penthouse, offering 38,868 square feet of office space. Grove Collaborative occupies the entire building. Built in 1911 and renovated in 1999, the six-story 945 Battery Street features 67,966 square feet of office space, including a penthouse. Second Life, an online virtual platform, and Lightstep, a provider of software solutions that help organizations stay in control of their systems, occupy the building. George Mitsanas and Josh Natker of Gantry’s Los Angeles office arranged the 15-year loan, which has a 30-year amortization schedule, with a correspondent life insurance company for the undisclosed borrower. Gantry will service the permanent loan.

June 5, 2020

Acquisitions California Industrial Western

Stos Partners Sells Industrial Asset in Southern California for $10.4M

by Amy Works June 5, 2020

TEMECULA, CALIF. — Stos Partners has completed the sale of an industrial property located at 28410 Vincent Moraga Drive in Temecula. An Orange County, Calif.-based private investor acquired the asset for $10.4 million in an off-market transaction. Tenants at the 65,300-square-foot facility include Habitat for Humanity and a publicly traded international consumer goods and farm products company. Stos Partners initially purchased the building in April 2019 for $7.1 million and immediately implemented a repositioning and improvements program. Rob Gunnes, Anthony DeLorenzo and Matt Pourcho of CBRE represented the seller, while Tucker Hohenstein and Mike Erwin of Colliers International represented the buyer in the deal.

June 5, 2020

California Loans Multifamily Western

Greystone Provides $33M Refinancing for Sausalito Towers Apartments in Bay Area

by Amy Works June 5, 2020

SAUSALITO, CALIF. — Greystone has provided a $33 million Fannie Mae Delegated Underwriting and Servicing (DUS) loan to refinance Sausalito Towers, a garden-style apartment community in Sausalito. Tim Thompson of Greystone’s San Francisco office originated the transaction for the borrower, Sausalito Investments. The loan refinances two existing Greystone loans on the property, and features a 10-year term and 30-year amortization with seven years of interest-only payments. Additionally, the financing has a 61 percent loan-to-value ratio that enables the borrower to continue with ongoing maintenance and renovation. Originally built in 1962, Sausalito Towers features 90 one-, two- and three-bedroom units with views of San Francisco Bay, covered balconies, wood-burning fireplaces and in-unit washers and dryers. The community features a heated swimming pool, on-site parking and private storage.

June 5, 2020

Belmont-Village-Senior-Living-La-Jolla-CA

California Development Multifamily Seniors Housing Western

Belmont Village, Greystar Start Construction of 17-Story Seniors Housing Project Near San Diego

by Amy Works June 4, 2020

LA JOLLA, CALIF. — Belmont Village Senior Living and Greystar have broken ground on Belmont Village Senior Living of La Jolla. The development is Belmont Village’s 32nd community and its third in San Diego County. The project is Belmont’s first in partnership with another developer. “A mutual colleague brought us together — Greystar had sourced a terrific location with an entitlement history that made it a perfect opportunity for licensed seniors housing,” says Patricia Will, Belmont Village founder and CEO. “We saw the potential of the site, and of bringing our mutual expertise together to create something really unique in independent and assisted living.” Belmont Village and Greystar jointly purchased the land in March and closed on a construction loan in April. The partners have collaborated to develop the project since late 2017. Belmont Village La Jolla will be a 17-story high-rise with 180 units of independent living, assisted living and memory care. The architect on the 209,000 square foot building is Joseph Wong Design Associates and project contractor is Suffolk Construction, both based in San Diego. The development is Belmont Village’s seventh project with equity partner Harrison Street Real Estate Capital.

June 4, 2020

Acquisitions California Industrial Western

Toy Company Buys Inland Empire Industrial Building for $7.6M

by Amy Works June 3, 2020

RANCHO CUCAMONGA, CALIF. — A toy company has purchased a freestanding industrial property located at 9568 Richmond Place in Rancho Cucamonga. A private seller sold the asset for $7.6 million. Built in 1991, the 42,978-square-foot building features 24-foot clear heights, five dock-high loading doors, one ground-level door and 76 parking spaces. Additionally, the property features a two-story, 7,563-square-foot office space. Jason Chao and Charlie Noebel of CBRE represented the seller in the transaction.

June 3, 2020

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