SAN FRANCISCO – NerdWallet has signed a seven-year lease for 45,739 square feet of office space at 901 Market in San Francisco. The 212,319-square-foot historic building sits adjacent to the Westfield San Francisco Shopping Centre and Union Square BART entrance. The consumer-focused financial start-up will occupy its new space in the fourth quarter of this year. The landlord is Hudson Pacific Properties.
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SAN DIEGO — The Alison Company has opened a new office in San Diego. The office is located at 2727 Camino Del Rio South in Suite 135. This is the full-service investment firm’s first entry into the San Diego area since 1994. The office will be led by Jon Cavan and Andy Graham. The Alison Company was founded in Newport Beach in 1934. It specializes in income-producing real estate.
MOUNTAIN VIEW, CALIF. — Rockwood Capital has acquired a five-building office campus near downtown Mountain View for a reported $154 million. The 17-acre Mountain View Corporate Center campus is located at 301-381 E. Evelyn Ave. It is one of only a few large-scale office campuses in Silicon Valley where employees can walk or bike to Caltrain and nearby retail amenities. The campus was previously occupied by Hewlett-Packard Co., though it is now home to multiple tenants like Mozilla and Coursera. Like many other Silicon Valley tech campuses, Mountain View Corporate Center provides outdoor amenities like volleyball and basketball courts, along with easy access to nearby trails such as Stevens Creek. Rockwood plans to enhance the property over time. This wouldn’t be the first time the firm has employed this strategy in Silicon Valley. It has a history of acquiring, repositioning and developing transit-oriented office properties in this area. Rockwood transformed the former Mayfield Mall into a 520,000-square-foot office property. It also took 690 E. Middlefield Road and turned it into a 340,000-square-foot, build-to-suit development for Synopsys’ global headquarters, among other transactions. Mountain View Corporate Center’s seller, a global investment manager, was represented by Greg Cioth, Andy Zighelboim, Edmund Najera, Nate …
SAN FRANCISCO – A 128,678-square-foot office building at 3175 Hanover Street in San Francisco has received $86.5 million in acquisition financing. The single-tenant building is located within the Stanford Research Park, which is home to companies like VMware and Hewlett-Packard. The 700-acre Stanford Research Park includes 10 million square feet throughout 160 buildings and facilities. It contains more than 23,000 employees at 150 companies, including Tesla, which uses the park for its headquarters and research facility. The park was originally developed by the adjacent Stanford University in 1951. The building is fully leased to global law firm Cooley LLP. It was acquired by a Sand Hill Property Company joint venture. The non-recourse financing was arranged by John Nelson of CBRE's San Francisco office. It was provided by a Wall Street lender.
COMMERCE, CALIF. — 99 Cents Only Stores has leased a 615,000-square-foot industrial building in the Los Angeles submarket of Commerce. The building is situated on 27.5 acres at 6100 Garfield Ave. within the Garfield Corporate Center. This is the largest industrial lease in Los Angeles County so far this year, according to CBRE, which represented 99 Cents. The transaction was also the largest industrial infill lease ever signed in Los Angeles County, according to JLL, which represented the landlord, KTR Capital Partners. Once completed in the second quarter of this year, the Garfield Corporate Centerwill be the largest new free-standing industrial development in the Central Los Angeles market. It will serve as the company’s new corporate headquarters. 99 Cents Only was represented by CBRE’s John Privett, Cameron Merrill and Richard Rizika. KTR was represented by JLL's Barry Hill, Paul Sablock, Tim O'Rourke, Mike Fowler and Zac Sakowski.
LOS ANGELES — Trumark Urban has acquired a 151-unit condominium project in Downtown Los Angeles’ South Park neighborhood for $100 million. The community will be located at the corner of West 11th Street and South Grand Avenue. The project was originally entitled in 2007. It stalled during the financial crisis. Trumark plans to complete the design and entitlement processes this year, before breaking ground this January. The condos are scheduled to hit the market in 2016. This is Trumark Urban’s first foray into the Los Angeles market. Trumark Urban is an offshoot of San Francisco Bay Area-based Trumark Companies. The newest iteration now has 10 projects with more than 1,200 residential units in the process between Los Angeles and San Francisco. The total investment cost is more than $750 million. Trumark Urban is also in the middle of purchasing a second condo development site in Downtown Los Angeles. Construction is expected to begin on that project in the third quarter of this year.
MENLO PARK, CALIF. – An unnamed buyer has acquired a 41,933-square-foot office property in Menlo Park for $50 million. The Class A property is located at 200 Middlefield Road, near downtown Palo Alto’s retail core and the Palo Alto and Menlo Park Caltrain stations. The property was originally built in 1967. It underwent a full rebuild in 2012. The building is now fully leased to private equity and technology firms like Summit Partners, Optum Soft, Blackstone and Rubicon. The seller, Menlo Equities, was represented by HFF’s Steven Golubchik, Michael Leggett and John Simerlein, who worked in conjunction with Kevin Cunningham of Cornish and Carey.
Las Vegas – The 240-unit Cimarron Apartments in Las Vegas has sold to FF Realty II LLC for $24.5 million. The community is located at 8301 W. Flamingo Road. The seller, 8301 W Flamingo Road Holdings LLC, was represented by the Sauter Multifamily Group of NAI Vegas.
SAN JOSE, CALIF. — ValueRock Realty Partners has acquired a 120,437-square-foot retail property in San Jose for $18.2 million. The Target-anchored center is located at 2155 Morrill Ave. This is ValueRock’s first Silicon Valley acquisition.
FOSTER CITY, CALIF. — Foster City Medical Pavilion, a 39,842-square-foot medical office building, has received $11.1 million in non-recourse financing. The pavilion is located at 1241 E. Hillsdale Blvd. in Foster City. Proceeds were used to acquire the building. The loan was structured to finance capital expenditures with a secondary funding for 100 percent of the projected tenant improvements and leasing commissions. It represents 60 percent of the borrower’s cost to acquire, upgrade and re-tenant the building. The loan is interest-only for the duration of the term and carries an attractive floating-rate spread with prepayment flexibility. It was secured for Swift Real Estate Partners by Michael Walker of CBRE’s San Francisco office. Financing was placed with a publicly traded mortgage REIT.