California

Kylli Receives $350M Refinancing for 580,000 SF Historic Office Building in San Francisco

by Amy Works October 29, 2019

SAN FRANCISCO — Kylli Inc. has received $350 million in refinancing for 225 Bush Street, a historic office building in San Francisco’s Financial District. The 580,000-square-foot asset was constructed in 1922 as the Standard Oil Building for John D. Rockefeller by architect George W. Kelham. At the time of completion, the 22-story office tower was the tallest building in San Francisco. The property was fully occupied by 31 tenants at the time of sale. Jordan Angel, Taylor Gimian and Andie Fezell of JLL Capital Markets secured the fixed-rate loan through Deutsche Bank for the borrower.

October 29, 2019

Acquisitions California Industrial Western

CenterPoint Properties Acquires 130,500 SF Industrial Building in Oakland

by Amy Works October 29, 2019

OAKLAND, CALIF. — CenterPoint Properties has purchased an industrial building, located at 5901 San Leandro St. in Oakland, for an undisclosed price. Situated on a 6.8-acre parcel, the 130,500-square-foot property offers rail-served industrial warehouse space and an ample yard area less than six miles from the Port of Oakland. The facility features 10 rail doors, 28 dock-high loading positions, six grade-level loading doors, a fully fenced and secured perimeter, and ample paved yard for truck/trailer parking and staging. The acquisition of 5901 San Leandro Street represents the fourth East Bay acquisition for CenterPoint over the past 10 months. Justin Smutko, Mark Maguire and Nick Mascheroni of Colliers International represented both the buyer and undisclosed seller in the deal.

October 29, 2019

Natoma-Station-Corporate-Center-Folsom-CA

Acquisitions California Office Western

Voit Real Estate Negotiates $23.7M Acquisition of Natoma Station Corporate Center in Folsom, California

by Amy Works October 29, 2019

FOLSOM, CALIF. — Voit Real Estate Services has arranged the purchase of Natoma Station Corporate Center, a multi-tenant office building in Folsom. Iron Point acquired the property from PAC West Office Equities, an entity of Buzz Oates Real Estate, for $23.7 million. Located at 950 Iron Point Road, the two-story property features 102,750 square feet of Class A office space. The buyer will occupy a portion of the property as the new corporate headquarters for two entities serving the logging and utility services industries: Mountain G Enterprises and Mountain F Enterprises. With these leases, the building will be fully occupied. Additional tenants include Devry, General Dynamics and Allstate. Rocco Curci of Voit’s Irvine, Calif., office represented the buyer, while Kevin Partington and Sean Mullen of Cushman & Wakefield represented the seller in the transaction.

October 29, 2019

Acquisitions California Office Western

Drawbridge Realty Acquires Two Orange County Office Buildings Totaling 169,315 SF

by Amy Works October 28, 2019

ALISO VIEJO, CALIF. — San Francisco-based Drawbridge Realty has purchased two office buildings in Aliso Viejo for an undisclosed price. Known as 4 and 5 Polaris, the assets serve as the corporate headquarters for Quest Software and UST Global, respectively. Located at 4 and 5 Polaris Way, the four-story 4 Polaris and three-story 5 Polaris buildings offer a total of 169,315 square feet. Anthony Delorenzo, Todd Tydlaska, Sean Sullivan, Michael Longo and Bob Smith of CBRE represented the undisclosed seller in the transaction.

October 28, 2019

Acquisitions California Multifamily Western

TMG Brokers $15.8M Sale of The Regency Apartments in Sacramento

by Amy Works October 28, 2019

SACRAMENTO — The Mogharebi Group (TMG) has arranged the sale of The Regency Apartments, a multifamily community located at 5900 Riza Ave. in Sacramento. An undisclosed private investor acquired the property for $15.8 million. Built in 1969 and situated on 5.4 acres, The Regency features 130 apartments in a mix of one-, two- and three-bedroom layouts. Alex Mogharebi and Otto Ozen of TMG represented the seller, a Sacramento-based investor, in the deal.

October 28, 2019

Acquisitions California Industrial Northeast Pennsylvania Top Stories Western

Prologis to Acquire Liberty Property Trust in $12.6B All-Stock Deal

by Taylor Williams October 28, 2019

SAN FRANCISCO AND MALVERN, PA. — San Francisco-based Prologis Inc. has entered into a definitive agreement to acquire Pennsylvania-based Liberty Property Trust in an all-stock transaction valued at approximately $12.6 billion, inclusive of outstanding debt. The deal between the two industrial REITs is expected to close in the first quarter of 2020. Under the terms of the agreement, Prologis (NYSE: PLD) will acquire roughly 107 million square feet of stabilized logistics space, 5.1 million square feet of logistics product in various stages of development and 1,684 acres with a future build-out potential totaling 19.7 million square feet. In addition, Liberty (NYSE: LPT) shareholders will receive 0.675 in shares of Prologis common stock for each Liberty share they own. Both the board of directors of Prologis and the board of trustees of Liberty have unanimously approved the transaction. Prologis plans to dispose of $3.5 billion in assets, including $2.8 billion of non-strategic logistics properties and $700 million of office properties, to help finance the acquisition. “The joining of these two platforms at this moment, when industrial logistics has become so pivotal to the new economy, will further the industry’s ability to support the nation’s supply chain and enhance value creation for …

October 28, 2019

California Development Loans Multifamily Western

Z&L Properties Receives $330M in Financing for 640-Unit Condo Project in San Jose, California

by Amy Works October 25, 2019

SAN JOSE, CALIF. — Z&L Properties has received $330 million in financing for the development of 188 West St. James, a two-tower condominium project in downtown San Jose. Brandon Roth, Charles Halladay and Taylor Gimian of JLL arranged the five-year, floating-rate construction loan with Mack Real Estate Credit Strategies for the borrower. Currently under construction, 188 West St. James will consist of 20- and 22-story towers totaling nearly 629,000 square feet of residential space, approximately 30,000 square feet of ground-floor retail space and more than 650 parking stalls. The 640 condominiums will feature kitchens equipped with stainless steel Bosch appliance packages, custom quartz countertops and white oak cabinetry, as well as bathrooms with custom floating vanities and porcelain tile flooring. Additionally, units will have hardwood flooring throughout the main living areas. Community amenities will include an outdoor pool, spa, grilling area, fitness center, business conference center, pet wash and clubroom with catering kitchen.

October 25, 2019

Acquisitions California Office Western

Meridian Buys 100,000 SF Office Building in San Francisco Bay Area

by Amy Works October 25, 2019

SAN MATEO, CALIF. — Meridian has closed escrow on the acquisition of a six-story office building located at 1300 S. El Camino Real in San Mateo. DivcoWest sold the asset for an undisclosed price. Situated near downtown San Mateo, the 100,000-square-foot property was 72 percent occupied at the time of sale. Current tenants include Charles Schwab, LendingTree and the Silicon Valley Community Foundation. The property was built in 1987. Tyler Meyerdirk of Newmark Knight Frank’s San Francisco office represented the buyer and seller in the deal.

October 25, 2019

California Development Mixed-Use Multifamily Office Retail Western

Greenheart Land Co. Developing Transit-Oriented Mixed-Use Project in California Bay Area

by Amy Works October 25, 2019

MENLO PARK, CALIF. — Palo Alto, Calif.-based Greenheart Land Co. has topped off Station 1300, a three-story, transit-oriented development in downtown Menlo Park. The development is located less than one block from the Menlo Park Caltrain station San Francisco-based BAR Architects designed the project, which will feature two Class A office buildings totaling 200,000 square feet; a 20,000-square-foot public plaza; 183 multifamily units; and approximately 28,000 square feet of ground-floor retail space. JETT Landscape Architecture & Design is serving as landscape architect. Todd Husak and Jon Moeller of CBRE’s Palo Alto office are the leasing agents for the office portion of the property.

October 25, 2019

Affordable Housing California Development Multifamily Top Stories Western

Facebook Commits $1B, Partners with State of California to Build 20,000 Affordable Housing Units

by Alex Tostado October 24, 2019

MENLO PARK, CALIF. — Facebook (NASDAQ: FB) has committed $1 billion and will partner with the State of California to build 20,000 affordable workforce- and low-income housing units over the next 10 years. Many of the units will serve first responders and teachers who can’t afford to live in the communities they serve, according to a press release from Facebook. According to David Wehner, CEO of Facebook, a family of four making $100,000 in San Francisco is considered low income. “The issue of affordable housing affects people across middle-class and low-income families alike,” says Wehner. Facebook will invest $1 billion over the next 10 years as follows: $250 million to a partnership with the State of California for mixed-income housing on excess state-owned land in communities where housing is scarce. $150 million for production of affordable housing, including housing for the homeless, in the San Francisco Bay Area. Facebook will contribute to the Bay’s Future Fund, the affordable housing investment fund of Partnership for the Bay’s Future, to work toward a more livable, equitable and racially and economically diverse Bay Area. $225 million in land in Menlo Park. This is land Facebook previously purchased, that is now zoned for housing, on which …

October 24, 2019

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