A big thank you to those of you who came out to see me play the drums with my band "Saucy" this Saturday.
ACQUISITION NEWS
Montgomery Advisors is proving that smart design can knock down the division between SoMa and the north financial district. That is the conclusion that can be drawn from the imminent sale of 550 Kearny St., which sits on the edge of Chinatown in the northwest corner of the traditional central business district.
bizjournals.com
More medical office condos selling in Union Square. At 490 Post Street, Suite 644 just sold to a medical user. Six more units are in escrow, with negotiations on all remaining units.
DEVELOPMENT NEWS
Trumark Urban is scaling back its plans for the University of Pacific’s Dugoni School of Dentistry property at 2155 Webster St. The developer is chopping the unit count in the existing Dugoni building from 93 to 75 units, according to San Francisco city planners. The changes will prevent Trumark from having to go through a lengthy rezoning of the property, which would likely complicate an approval process that will undoubtedly already be fraught with neighborhood politics.
bizjournals.com
“Grand Central of the West” is what San Francisco's Transbay Transit Center project, now under construction, is being touted—and it’s no wonder. This massive, $4 billion bus and train station and mixed-use development, designed by Pelli Clarke Pelli Architects, will stretch nearly from Second to Main streets, and will feature five levels with a 5.4-acre rooftop park and surrounding plazas—all of it completely enveloped in perforated aluminum. A complementary Transit Tower designed by PCPA and developed by Hines will be built adjacent to the Transit Center.
nreionline.com
ECONOMIC NEWS
San Francisco Leasing Slows Amid Office Boom. Leasing by San Francisco-area technology firms is slowing just as developers are poised to add 6.5 million square feet of office space to the city and Silicon Valley, the most construction in a dozen years. Twenty-six projects are under way, from glass towers in downtown San Francisco (ROFFSFRV) to suburban office parks in Sunnyvale and Santa Clara, California.
bloomberg.com
People seeking U.S. citizenship are financing Bay Area real estate projects using an obscure federal immigration program that grants green cards in exchange for capital investment.
theregistrysf.com
Office Towers Rising Again In New York, San Francisco With Millions of Square Feet In the New York and San Francisco Office Pipeline, Stepped Up Removal of Obsolete Buildings Helps Ease Concerns.
costar.com
In the excitement of the Bay Area real estate market, healthcare development seems to take a back seat to the constant news coming from the technology and multifamily sectors. Even the mention of the word healthcare will likely take the discussion toward Obamacare and its impact on our lives. Yet, a steady and formidable development activity spurred by a massive demographic shift, continuing advances in medical research and biomedical technology and a new approach to health delivery continues to drive this sector, and its impact will be far-reaching across our region.
theregistrysf.com
Monday, May 20, 2013
Tuesday, May 7, 2013
SF Bay Area News - May 7, 2013
This week celebrates "Brit Week" in both San Francisco and Los Angeles, Britweek.org.
Culminating in the BritWeek Ball celebrating Downton Abbey on May 11, 2013.
ACQUISITION NEWS
The 85,000-square-foot office building at 995 Market St. in San Francisco's blossoming Mid-Market area is under new ownership. Columbia Pacific Advisors and Long Market Property Partners acting in a joint venture as 995 Market Street SF Investment L.L.C., acquired the property from a private group in an off-market transaction for $17 million.
cpexecutive.com
Deadlines are fast approaching for the Sperry Van Ness AuctionPoint commercial real estate auction. I would recommend taking a quick look. Due diligence has to be completed prior to the auction.
auctionpoint.com
DEVELOPMENT NEWS
The world’s most sophisticated office developers are betting billions of dollars on the future of San Francisco job growth. In a burst of development unmatched since the 1980s, over the next three years the city will give birth to no fewer than six new office towers, all but one of which is being built on a speculative basis.
bizjournals.com
Even as office landlord Boston Properties aggressively pursues San Francisco office construction, including speculative development, and beefs up its ownership in Mountain View, it is shedding assets in downtown San Jose, saying the market after 10 years has not lived up to expectations.
theregistrysf.com
The Golden State Warriors have introduced revisions to their plan for an arena in San Francisco, changes aimed at minimizing the facility's impact on waterfront views.
sfgate.com
San Francisco-based BRE Properties Inc. has begun vertical construction on its 360-unit MB360 apartment development in the Mission Bay area of San Francisco. The publicly traded real estate investment trust expects total development cost of $227 million, or $630,000 a unit.
theregistrysf.com
ECONOMIC NEWS
Kilroy Realty Corp. has moved an estimated 70 percent of its office portfolio to match what it says are new norms for workspace, with an emphasis on open floor plans, worker density and sustainability. A trend that began with the tech industry is moving beyond that silo, John Kilroy, company president and chief executive, said May 1.
theregistrysf.com
In the excitement of the Bay Area real estate market, healthcare development seems to take a back seat to the constant news coming from the technology and multifamily sectors. Even the mention of the word healthcare will likely take the discussion toward Obamacare and its impact on our lives. Yet, a steady and formidable development activity spurred by a massive demographic shift, continuing advances in medical research and biomedical technology and a new approach to health delivery continues to drive this sector, and its impact will be far-reaching across our region. Sixteen acute care hospitals in the Bay Area currently have a major construction project underway, approved or in the final review process.
theregistrysf.com
Healthcare And Banking: The Business And Office Space Parallels. At April’s Healthcare Real Estate Conference in Chicago, the panel on “Strategies In Medical Office Space” included notable comments from Michael Noto, SVP Management Services Group at Healthcare REIT. Since the REIT space is where a property business sector overlaps with finance, it’s a great place to find important perspectives on history and the trends either supported or broken by that history.
commercialsource.com
ACQUISITION NEWS
The 85,000-square-foot office building at 995 Market St. in San Francisco's blossoming Mid-Market area is under new ownership. Columbia Pacific Advisors and Long Market Property Partners acting in a joint venture as 995 Market Street SF Investment L.L.C., acquired the property from a private group in an off-market transaction for $17 million.
cpexecutive.com
Deadlines are fast approaching for the Sperry Van Ness AuctionPoint commercial real estate auction. I would recommend taking a quick look. Due diligence has to be completed prior to the auction.
auctionpoint.com
DEVELOPMENT NEWS
The world’s most sophisticated office developers are betting billions of dollars on the future of San Francisco job growth. In a burst of development unmatched since the 1980s, over the next three years the city will give birth to no fewer than six new office towers, all but one of which is being built on a speculative basis.
bizjournals.com
Even as office landlord Boston Properties aggressively pursues San Francisco office construction, including speculative development, and beefs up its ownership in Mountain View, it is shedding assets in downtown San Jose, saying the market after 10 years has not lived up to expectations.
theregistrysf.com
The Golden State Warriors have introduced revisions to their plan for an arena in San Francisco, changes aimed at minimizing the facility's impact on waterfront views.
sfgate.com
San Francisco-based BRE Properties Inc. has begun vertical construction on its 360-unit MB360 apartment development in the Mission Bay area of San Francisco. The publicly traded real estate investment trust expects total development cost of $227 million, or $630,000 a unit.
theregistrysf.com
ECONOMIC NEWS
Kilroy Realty Corp. has moved an estimated 70 percent of its office portfolio to match what it says are new norms for workspace, with an emphasis on open floor plans, worker density and sustainability. A trend that began with the tech industry is moving beyond that silo, John Kilroy, company president and chief executive, said May 1.
theregistrysf.com
In the excitement of the Bay Area real estate market, healthcare development seems to take a back seat to the constant news coming from the technology and multifamily sectors. Even the mention of the word healthcare will likely take the discussion toward Obamacare and its impact on our lives. Yet, a steady and formidable development activity spurred by a massive demographic shift, continuing advances in medical research and biomedical technology and a new approach to health delivery continues to drive this sector, and its impact will be far-reaching across our region. Sixteen acute care hospitals in the Bay Area currently have a major construction project underway, approved or in the final review process.
theregistrysf.com
Healthcare And Banking: The Business And Office Space Parallels. At April’s Healthcare Real Estate Conference in Chicago, the panel on “Strategies In Medical Office Space” included notable comments from Michael Noto, SVP Management Services Group at Healthcare REIT. Since the REIT space is where a property business sector overlaps with finance, it’s a great place to find important perspectives on history and the trends either supported or broken by that history.
commercialsource.com
Monday, April 29, 2013
SF Bay Area News - April 29, 2013
I have a couple of spaces left for my medical office condominium breakfast panel event on the morning of Tuesday, May 7. Please contact me direct to check eligibility to attend. Wells Fargo is the sponsor so sorry, no lenders. Among the subjects covered are; forecasting Medical & Dental Office trends in the Bay Area, the differences between types of available financing, and the tax implications of buying vs. leasing. We will discuss a case study depicting a medical business that has moved from leasing to owning. Speakers include a CPA, a lender and a medical doctor experienced at investing in medical condominiums.
ACQUISITION NEWS
The long-neglected office building at Sixth and Market that houses Burning Man has sold for nearly $17 million, another example of institutional capital pouring into the Mid-Market neighborhood. SF Investment LLC, a joint venture between Seattle-based Columbia Pacific Advisors and San Francisco-based Long Market Property Partners, has closed on the acquisition of 995 Market St. The price was just under $200 a square foot.
bizjournals.com
CIM Group Acquires 330 Townsend Office Building In San Francisco’s SoMa District. The building is 98 percent leased to a variety of creative and professional services firms. Adding to its appeal, 330 Townsend is across the street from the CalTrain San Francisco Station and one block from the new Central Corridor transit line under construction.
theregistrysf.com
Asher Investments acquired a four-story office building in San Francisco, CA, from Adare Properties for $15.65 million, or about $118 per square foot. The structure delivered in 1916 at 2101-2129 Mission St. in the Mission District. It totals 131,885 square feet.
costar.com
DEVELOPMENT NEWS
Central Market Street is not changing by the day, it’s changing by the hour. After a week out of town traveling with my family, I cycled down Market Street Monday morning. Of course I expected some of the progress I saw: AvalonBay had added a couple of floors at 55 Ninth St., Crescent Heights had snapped on more of the glass skin at 1401 Market and poured a few more floors on the tower as well. But other developments were more startling.
bizjournals.com
$30 million deal will help bankroll San Francisco's Transbay Terminal. The public agency in charge of developing the $4 billion Transbay Terminal station at First and Mission streets in San Francisco is set to collect $30 million after the Commission on Community Investment and Infrastructure approved a disposition and development agreement with Golub Real Estate Corp. and Mercy Housing California for the development of Transbay Block 6. The development of Block 6 includes 409 units of market-rate housing and 70 units of affordable housing, as well as a publicly accessible open space and ground-floor retail.
bizjournals.com
The plans for the redevelopment of the Alexandria Theatre at 5400 Geary Boulevard and construction of a "Spanish/Mediterranean" styled mixed-use building with 37 condos upon the theater's adjacent parking on 18th Avenue have been approved as proposed.
socketsite.com
ECONOMIC NEWS
Rosen on 2013: U.S. Recovery, Job Creation To Continue Slowly. The U.S. economy will grow less than 2 percent this year, a full percentage point below the 50-year average, and only slightly more jobs will be created than in 2012, predicts Berkeley economist Ken Rosen.
theregistrysf.com
ACQUISITION NEWS
The long-neglected office building at Sixth and Market that houses Burning Man has sold for nearly $17 million, another example of institutional capital pouring into the Mid-Market neighborhood. SF Investment LLC, a joint venture between Seattle-based Columbia Pacific Advisors and San Francisco-based Long Market Property Partners, has closed on the acquisition of 995 Market St. The price was just under $200 a square foot.
bizjournals.com
CIM Group Acquires 330 Townsend Office Building In San Francisco’s SoMa District. The building is 98 percent leased to a variety of creative and professional services firms. Adding to its appeal, 330 Townsend is across the street from the CalTrain San Francisco Station and one block from the new Central Corridor transit line under construction.
theregistrysf.com
Asher Investments acquired a four-story office building in San Francisco, CA, from Adare Properties for $15.65 million, or about $118 per square foot. The structure delivered in 1916 at 2101-2129 Mission St. in the Mission District. It totals 131,885 square feet.
costar.com
DEVELOPMENT NEWS
Central Market Street is not changing by the day, it’s changing by the hour. After a week out of town traveling with my family, I cycled down Market Street Monday morning. Of course I expected some of the progress I saw: AvalonBay had added a couple of floors at 55 Ninth St., Crescent Heights had snapped on more of the glass skin at 1401 Market and poured a few more floors on the tower as well. But other developments were more startling.
bizjournals.com
$30 million deal will help bankroll San Francisco's Transbay Terminal. The public agency in charge of developing the $4 billion Transbay Terminal station at First and Mission streets in San Francisco is set to collect $30 million after the Commission on Community Investment and Infrastructure approved a disposition and development agreement with Golub Real Estate Corp. and Mercy Housing California for the development of Transbay Block 6. The development of Block 6 includes 409 units of market-rate housing and 70 units of affordable housing, as well as a publicly accessible open space and ground-floor retail.
bizjournals.com
The plans for the redevelopment of the Alexandria Theatre at 5400 Geary Boulevard and construction of a "Spanish/Mediterranean" styled mixed-use building with 37 condos upon the theater's adjacent parking on 18th Avenue have been approved as proposed.
socketsite.com
ECONOMIC NEWS
Rosen on 2013: U.S. Recovery, Job Creation To Continue Slowly. The U.S. economy will grow less than 2 percent this year, a full percentage point below the 50-year average, and only slightly more jobs will be created than in 2012, predicts Berkeley economist Ken Rosen.
theregistrysf.com
Monday, April 22, 2013
SF Bay Area News - April 22, 2013
The Sperry Van Ness Difference! SVN Difference Video
ACQUISITION NEWS
The Swig Co. has recapitalized its investment in 901 Battery St. by bringing in Medley Partners for a majority equity stake in the property. “We have been exploring potential partnerships with Medley Partners for several years and are delighted to have found the opportunity to finally join together by repositioning 901 Battery St.,” said Jeanne Myerson, Swig’s CEO.
Another Transbay District development site is hitting the market and it could fetch about $48 million, or $140,000 per buildable unit, according to sources. Another Transbay District development site is hitting the market and it could fetch about $48 million, or $140,000 per buildable unit, according to sources.
bizjournals.com
DEVELOPMENT NEWS
Demolition crews are beginning to prepare for construction at the site of what will become Market Street Place (between 5th & 6th Streets), a 250,000-square-foot retail center scheduled to open in 2015. Market Street Place will be a six-level, urban retail redevelopment project featuring an exterior façade of translucent glass that will serve as a window into the shopping experience inside.
theregistrysf.com
Mayor Edwin Lee joined executives from Kilroy Realty Corporation and salesforce.com yesterday in breaking ground on San Francisco’s first new LEED Platinum tower at 350 Mission Street. Kilroy Realty’s sleek glass and concrete office tower will be located at the corner of Mission and Fremont Streets, immediately across the street from the city’s new Transbay Transit Center and Millennium Tower.
globest.com
It’s really happening this time. Really. So says Lennar Corp. and contractor James E. Roberts Obayashi about starting construction on the first new homes at its Hunters Point Shipyard redevelopment project.
bizjournals.com
ECONOMIC NEWS
How energy efficient are San Francisco commercial buildings? Take a look:
honestbuildings.com
How hot is the San Francisco Bay Area housing market? So hot that the area’s median home sales price has risen 45 percent compared to a year ago—up 7 percentage points in the last two weeks alone. So hot that 18 percent of listings are selling in seven days or less. So hot that half of all listings sell in 14 days or less.
theregistrysf.com
The entrepreneurial gold rush: Why I moved from San Francisco to Detroit. If Columbus had an advisory committee he would probably still be at the dock." -- Arthur Goldberg, American statesman and jurist So, step out of your comfort zone and come to Detroit!
crainsdetroit.com
ACQUISITION NEWS
The Swig Co. has recapitalized its investment in 901 Battery St. by bringing in Medley Partners for a majority equity stake in the property. “We have been exploring potential partnerships with Medley Partners for several years and are delighted to have found the opportunity to finally join together by repositioning 901 Battery St.,” said Jeanne Myerson, Swig’s CEO.
Another Transbay District development site is hitting the market and it could fetch about $48 million, or $140,000 per buildable unit, according to sources. Another Transbay District development site is hitting the market and it could fetch about $48 million, or $140,000 per buildable unit, according to sources.
bizjournals.com
DEVELOPMENT NEWS
Demolition crews are beginning to prepare for construction at the site of what will become Market Street Place (between 5th & 6th Streets), a 250,000-square-foot retail center scheduled to open in 2015. Market Street Place will be a six-level, urban retail redevelopment project featuring an exterior façade of translucent glass that will serve as a window into the shopping experience inside.
theregistrysf.com
Mayor Edwin Lee joined executives from Kilroy Realty Corporation and salesforce.com yesterday in breaking ground on San Francisco’s first new LEED Platinum tower at 350 Mission Street. Kilroy Realty’s sleek glass and concrete office tower will be located at the corner of Mission and Fremont Streets, immediately across the street from the city’s new Transbay Transit Center and Millennium Tower.
globest.com
It’s really happening this time. Really. So says Lennar Corp. and contractor James E. Roberts Obayashi about starting construction on the first new homes at its Hunters Point Shipyard redevelopment project.
bizjournals.com
ECONOMIC NEWS
How energy efficient are San Francisco commercial buildings? Take a look:
honestbuildings.com
How hot is the San Francisco Bay Area housing market? So hot that the area’s median home sales price has risen 45 percent compared to a year ago—up 7 percentage points in the last two weeks alone. So hot that 18 percent of listings are selling in seven days or less. So hot that half of all listings sell in 14 days or less.
theregistrysf.com
The entrepreneurial gold rush: Why I moved from San Francisco to Detroit. If Columbus had an advisory committee he would probably still be at the dock." -- Arthur Goldberg, American statesman and jurist So, step out of your comfort zone and come to Detroit!
crainsdetroit.com
Monday, April 15, 2013
SF Bay Area News - April 15, 2013
The first 2013 Sperry Van Ness national auction is coming up next month but you need to do your due diligence in advance. Take a look at auctionpoint.com
Americans welcome! So as you know I am British and Brit Week is coming up. Downtown Abbey black tie ball, rugby, festival, arts. For more information please contact Hannah Keen at hkeen@babcsf.org or see the website britweek.org
ACQUISITION NEWS
The Swig Company and Medley Partners Team up on 901 Battery Street. The Swig Company has recapitalized its investment in 901 Battery Street by bringing in Medley Partners for a majority equity stake in the property. Swig acquired the office building and accompanying parking structure in the final week of 2012.
theregistrysf.com
Raise the Yellow Flag: Apartment Construction Now a Concern in Many. Apartment builders continue to feverishly build to capitalize on rising rental rates and favorable demographics, but construction is reaching dangerous levels in some markets.
theregistrysf.com
Harvest Sells 115 Sansome Ahead of Plan. Boston-based TA Associates Realty has acquired 115 Sansome St., an historic office building constructed in 1912 in San Francisco’s North Financial District. The purchase price was $52 million, or $406 PSF. The seller was Emeryville-based Harvest Properties, which bought the 128,000-square-foot property in mid-2011. The sale came well ahead of schedule, said Awais Mughal, a Harvest partner.
theregistrysf.com
Sperry Van Ness | SV Advisors completed another commercial property sale transaction in Silicon Valley. Genesis United Methodist Church acquired the religious facility at 210 - 220 S. Main St. in Milpitas, CA for $3 million, or about $152 PSF, from the Spring Valley Bible Church, Inc.
costar.com
DEVELOPMENT NEWS
On April 17, 2013, the Exploratorium will open at Pier 15 at the heart of the revitalized San Francisco waterfront radically improving access to visitors from all over the world and dramatically enhancing the size and scope of the museum. With three times more space overall than its previous home, the new Exploratorium will engage the curiosity and creativity of visitors of any age as they explore 150 brand-new exhibits amongst more than 600 that will be on view.
theregistrysf.com
Another Transbay District development site is hitting the market. A few weeks after the Jay Paul Co. paid $75 million for 181 Fremont St., Fritzi Realty has tapped Colliers International to market 41 Tehama, a 19,275 SF lot currently used for parking. The parcel is entitled for a 31-story, 341-unit residential tower. Arquitectonica is the architect on the project.
bizjournals.com
A pair of developers are restarting development of a former Sherwin-Williams paint factory in Emeryville, a rare large site in the compact East Bay city. Environmental cleanup of the 8.55-acre property wrapped up last fall with state authorities providing a stamp of approval earlier this year for new development.
bizjournals.com
A deal in which China Development Corp. had agreed to invest $1.7 billion to help bankroll over 12,500 homes on Treasure Island and Hunters Point is dead.
bizjournals.com
ECONOMIC NEWS
Union Bank, N.A. today announced that it reached an agreement to acquire PB Capital Corporation’s institutional commercial real estate (CRE) lending portfolio and platform. The acquisition expands Union Bank’s CRE presence in the U.S., and brings a high-quality commercial real estate loan origination and servicing platform, geographic and asset class diversification, a desirable real estate customer base, and a seasoned management team. Headquartered in New York, the CRE lending division of PB Capital has approximately $3.7 billion in loans outstanding on properties in major metropolitan areas across the U.S. The acquisition is subject to customary closing conditions, and is expected to be completed in the second quarter of 2013.
theregistrysf.com
A 64-space weekday parking lot would be created on the plaza next to the Ferry building under a proposal being floated by operator Equity Office Properties and the Port of San Francisco.
bizjournals.com
Americans welcome! So as you know I am British and Brit Week is coming up. Downtown Abbey black tie ball, rugby, festival, arts. For more information please contact Hannah Keen at hkeen@babcsf.org or see the website britweek.org
ACQUISITION NEWS
The Swig Company and Medley Partners Team up on 901 Battery Street. The Swig Company has recapitalized its investment in 901 Battery Street by bringing in Medley Partners for a majority equity stake in the property. Swig acquired the office building and accompanying parking structure in the final week of 2012.
theregistrysf.com
Raise the Yellow Flag: Apartment Construction Now a Concern in Many. Apartment builders continue to feverishly build to capitalize on rising rental rates and favorable demographics, but construction is reaching dangerous levels in some markets.
theregistrysf.com
Harvest Sells 115 Sansome Ahead of Plan. Boston-based TA Associates Realty has acquired 115 Sansome St., an historic office building constructed in 1912 in San Francisco’s North Financial District. The purchase price was $52 million, or $406 PSF. The seller was Emeryville-based Harvest Properties, which bought the 128,000-square-foot property in mid-2011. The sale came well ahead of schedule, said Awais Mughal, a Harvest partner.
theregistrysf.com
Sperry Van Ness | SV Advisors completed another commercial property sale transaction in Silicon Valley. Genesis United Methodist Church acquired the religious facility at 210 - 220 S. Main St. in Milpitas, CA for $3 million, or about $152 PSF, from the Spring Valley Bible Church, Inc.
costar.com
DEVELOPMENT NEWS
On April 17, 2013, the Exploratorium will open at Pier 15 at the heart of the revitalized San Francisco waterfront radically improving access to visitors from all over the world and dramatically enhancing the size and scope of the museum. With three times more space overall than its previous home, the new Exploratorium will engage the curiosity and creativity of visitors of any age as they explore 150 brand-new exhibits amongst more than 600 that will be on view.
theregistrysf.com
Another Transbay District development site is hitting the market. A few weeks after the Jay Paul Co. paid $75 million for 181 Fremont St., Fritzi Realty has tapped Colliers International to market 41 Tehama, a 19,275 SF lot currently used for parking. The parcel is entitled for a 31-story, 341-unit residential tower. Arquitectonica is the architect on the project.
bizjournals.com
A pair of developers are restarting development of a former Sherwin-Williams paint factory in Emeryville, a rare large site in the compact East Bay city. Environmental cleanup of the 8.55-acre property wrapped up last fall with state authorities providing a stamp of approval earlier this year for new development.
bizjournals.com
A deal in which China Development Corp. had agreed to invest $1.7 billion to help bankroll over 12,500 homes on Treasure Island and Hunters Point is dead.
bizjournals.com
ECONOMIC NEWS
Union Bank, N.A. today announced that it reached an agreement to acquire PB Capital Corporation’s institutional commercial real estate (CRE) lending portfolio and platform. The acquisition expands Union Bank’s CRE presence in the U.S., and brings a high-quality commercial real estate loan origination and servicing platform, geographic and asset class diversification, a desirable real estate customer base, and a seasoned management team. Headquartered in New York, the CRE lending division of PB Capital has approximately $3.7 billion in loans outstanding on properties in major metropolitan areas across the U.S. The acquisition is subject to customary closing conditions, and is expected to be completed in the second quarter of 2013.
theregistrysf.com
A 64-space weekday parking lot would be created on the plaza next to the Ferry building under a proposal being floated by operator Equity Office Properties and the Port of San Francisco.
bizjournals.com
Monday, April 8, 2013
SF Bay Area News - April 8, 2013
ACQUISITION NEWS
A group of Asian investors has paid $6.4 million for 290 Division St., a four-story SoMa office building. The 35,000-square-foot structure is about 90 percent leased with many tenants’ leases expiring. There are five parking spaces. The anchor tenant is Daikadi, a health club that occupies the entire 2nd floor. The buyer worked with the seller to extend Daikadi’s lease for an additional five years during the escrow period.
bizjournals.com
724 Lombard Street in the North Beach/North Waterfront submarket sold for $505 PSF ($3,150,000) last week. This was a 6,244 SF mixed retail and residential building which had been on the market for 117 days. The reported cap. rate was 5.10%.
DEVELOPMENT NEWS
The Los Angeles-based investor CIM Group is in contract to pay $30 million for 330 Townsend St. — but the deal might be more about future development opportunities than current revenues. While the 61,000-square-foot brick-and-timber building is 95 percent leased and ideally located across from the Caltrain station at Fourth and King, it could be replaced with a significantly larger project under two different rezoning scenarios.
bizjournals.com
New hotel projects are trickling back into San Francisco’s relatively stagnant hotel market. On Thursday, San Francisco’s Planning Commission unanimously approved the city’s newest proposed hotel project on 250 4th Street in SoMa. The 220-room hotel, designed by Axis Architecture + Design, will likely be a limited service option costing around $250,000 per room to build.
bizjournals.com
Possibly the largest privately held undeveloped land site fronting the San Francisco Bay, the 15-acre India Basin Shoreline parcel outlined in red above and known as 700 Innes Avenue is slated to hit the courthouse steps in San Francisco tomorrow having failed to sell under the supervision of the U.S. Bankruptcy Court with over $26 million owed.
socketsite.com
Defenestration may at last return to earth. The quirky art installation, couches, beds and at least one bathtub appearing to exit the windows of a long-empty hotel building at Sixth and Howard streets, would be removed under a city plan to redevelop the site into a $18.8 million affordable-housing project that is finally moving forward.
sfexaminer.com
ECONOMIC NEWS
The San Francisco leasing market took a breather during the first quarter — but don’t expect the lull to linger. Tenants in the city leased 80,000 square feet more than they gave up in the first three months of 2013.
bizjournals.com
Nordstrom Rack has picked 901 Market St. over the ground-up development Market Street Place for its new downtown store. Hudson Pacific, the real estate investment trust that owns 901 Market St., has reached a 45,500 square foot deal with the Seattle-based retailer.
bizjournals.com
It's been a requirement for all New York City buildings larger than 50,000 sq. ft. since 2011. Philadelphia and Washington, D.C. are making similar requirements of their commercial buildings this year. Chicago is on the cusp of issuing its own law. And thousands of owners and managers across the U.S. are doing it at their buildings even without the threat of regulation. Benchmarking is being embraced by American cities and commercial property owners and managers one by one. Benchmarking is an umbrella term for the process by which a building owner or manager submits energy usage data into a computer program to track their energy and/or water use. The building can then be compared to similar buildings to see how green it is.
nreionline.com
A group of Asian investors has paid $6.4 million for 290 Division St., a four-story SoMa office building. The 35,000-square-foot structure is about 90 percent leased with many tenants’ leases expiring. There are five parking spaces. The anchor tenant is Daikadi, a health club that occupies the entire 2nd floor. The buyer worked with the seller to extend Daikadi’s lease for an additional five years during the escrow period.
bizjournals.com
724 Lombard Street in the North Beach/North Waterfront submarket sold for $505 PSF ($3,150,000) last week. This was a 6,244 SF mixed retail and residential building which had been on the market for 117 days. The reported cap. rate was 5.10%.
DEVELOPMENT NEWS
The Los Angeles-based investor CIM Group is in contract to pay $30 million for 330 Townsend St. — but the deal might be more about future development opportunities than current revenues. While the 61,000-square-foot brick-and-timber building is 95 percent leased and ideally located across from the Caltrain station at Fourth and King, it could be replaced with a significantly larger project under two different rezoning scenarios.
bizjournals.com
New hotel projects are trickling back into San Francisco’s relatively stagnant hotel market. On Thursday, San Francisco’s Planning Commission unanimously approved the city’s newest proposed hotel project on 250 4th Street in SoMa. The 220-room hotel, designed by Axis Architecture + Design, will likely be a limited service option costing around $250,000 per room to build.
bizjournals.com
Possibly the largest privately held undeveloped land site fronting the San Francisco Bay, the 15-acre India Basin Shoreline parcel outlined in red above and known as 700 Innes Avenue is slated to hit the courthouse steps in San Francisco tomorrow having failed to sell under the supervision of the U.S. Bankruptcy Court with over $26 million owed.
socketsite.com
Defenestration may at last return to earth. The quirky art installation, couches, beds and at least one bathtub appearing to exit the windows of a long-empty hotel building at Sixth and Howard streets, would be removed under a city plan to redevelop the site into a $18.8 million affordable-housing project that is finally moving forward.
sfexaminer.com
ECONOMIC NEWS
The San Francisco leasing market took a breather during the first quarter — but don’t expect the lull to linger. Tenants in the city leased 80,000 square feet more than they gave up in the first three months of 2013.
bizjournals.com
Nordstrom Rack has picked 901 Market St. over the ground-up development Market Street Place for its new downtown store. Hudson Pacific, the real estate investment trust that owns 901 Market St., has reached a 45,500 square foot deal with the Seattle-based retailer.
bizjournals.com
It's been a requirement for all New York City buildings larger than 50,000 sq. ft. since 2011. Philadelphia and Washington, D.C. are making similar requirements of their commercial buildings this year. Chicago is on the cusp of issuing its own law. And thousands of owners and managers across the U.S. are doing it at their buildings even without the threat of regulation. Benchmarking is being embraced by American cities and commercial property owners and managers one by one. Benchmarking is an umbrella term for the process by which a building owner or manager submits energy usage data into a computer program to track their energy and/or water use. The building can then be compared to similar buildings to see how green it is.
nreionline.com
Monday, April 1, 2013
SF Bay Area News - April 1, 2013
ACQUISITION NEWS
Two Canadian companies investing pension fund money have acquired all but a sliver of the equity in the former Mission West portfolio acquired by San Francisco’s Divco West Properties and TPG Real Estate at the end of last year.
theregistrysf.com
Another full asking price sale of an office condominium on the 4th floor at 490 Post Street closed last week. Multiple others in escrow. If you have plans to stop paying rent on your office space and are interested in learning more details, please let me find out if it will work for your situation.
Bower’s Enterprises acquired a 25,510-square-foot multifamily building from Pacific Urban Residential for $6.9 million, or about $230,000 per unit. The Alterra Apartments, part of the prestigious Terra Linda community of San Rafael, CA, is a 30-unit complex on 1.1 acres.
costar.com
DEVELOPMENT NEWS
Prominent Silicon Valley builder Jay Paul Co. is making a bold move into downtown San Francisco, buying a parcel next to Transbay Terminal where the firm will erect a 700-foot speculative tower. In an interview, CEO Jay Paul said he has acquired 181 Fremont St., which is entitled for a 52-story highrise with 404,000 square feet of office space and 74 spacious condominiums on the top 14 floors.
bizjournals.com
Boston Properties and Hines are the official owners of 101 First St., a 50,000 square foot parcel next to the Transbay Terminal that will some day be home to the west coast’s tallest tower.
bizjournals.com
ECONOMIC NEWS
S.F. hotel industry keeps killing it. As San Francisco Travel held its annual confab Thursday, the city’s hotel industry has to be thrilled by rising rates. The estimated average daily room rate for San Francisco hotels in 2013 is 186.96, which is up from $171,65 last year, according to a report from PKF Consulting.
bizjournals.com
Hotel construction is on the upswing, with rising demand and low supply, but developers are worried about construction costs and labor scarcities, according to panelists at a conference on hotel development at last week’s Hunter Hotel Investment Conference in Atlanta.
nreionline.com
Two Canadian companies investing pension fund money have acquired all but a sliver of the equity in the former Mission West portfolio acquired by San Francisco’s Divco West Properties and TPG Real Estate at the end of last year.
theregistrysf.com
Another full asking price sale of an office condominium on the 4th floor at 490 Post Street closed last week. Multiple others in escrow. If you have plans to stop paying rent on your office space and are interested in learning more details, please let me find out if it will work for your situation.
Bower’s Enterprises acquired a 25,510-square-foot multifamily building from Pacific Urban Residential for $6.9 million, or about $230,000 per unit. The Alterra Apartments, part of the prestigious Terra Linda community of San Rafael, CA, is a 30-unit complex on 1.1 acres.
costar.com
DEVELOPMENT NEWS
Prominent Silicon Valley builder Jay Paul Co. is making a bold move into downtown San Francisco, buying a parcel next to Transbay Terminal where the firm will erect a 700-foot speculative tower. In an interview, CEO Jay Paul said he has acquired 181 Fremont St., which is entitled for a 52-story highrise with 404,000 square feet of office space and 74 spacious condominiums on the top 14 floors.
bizjournals.com
Boston Properties and Hines are the official owners of 101 First St., a 50,000 square foot parcel next to the Transbay Terminal that will some day be home to the west coast’s tallest tower.
bizjournals.com
ECONOMIC NEWS
S.F. hotel industry keeps killing it. As San Francisco Travel held its annual confab Thursday, the city’s hotel industry has to be thrilled by rising rates. The estimated average daily room rate for San Francisco hotels in 2013 is 186.96, which is up from $171,65 last year, according to a report from PKF Consulting.
bizjournals.com
Hotel construction is on the upswing, with rising demand and low supply, but developers are worried about construction costs and labor scarcities, according to panelists at a conference on hotel development at last week’s Hunter Hotel Investment Conference in Atlanta.
nreionline.com
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