San Francisco
Goodman Birtcher Lands Tenant for Oakland Facility
Last summer, the Goodman Logistics Center in Oakland announced that one third of the facility’s available space had been leased out to Benjamin Moore & Co. With about a third of the available space taken, the property recently announced another major tenant, as a deal worth $16.25 million was recently completed with Coasters Company of America. The Santa Fe Springs-based company has signed on for ten years at the facility, in a deal that was brokered by Tim Cronin and Craig Hagglund of Lee & Associates Oakland. Developer and landlord Goodman Birtcher worked with JLL rep Jason Ovadia in the leasing deal.
SoMa Hotel Gets New Owner, Name in $350M Deal
The Westin Market Street hotel in San Francisco recently traded hands, as LaSalle Hotel Properties purchased the property in a deal worth $350 million. The buyer used cash on hand and borrowings from its senior unsecured credit facility in order to fund the acquisition of the hospitality property. Upon closing, the Westin Market Street was renamed by the new owner as Park Central San Francisco. The deal will not affect the current management contract, with Highgate Hotels set to continue to handle asset management duties as an independent hotel on behalf of the new owner.
Mill Valley M-F Asset Commands Record-Setting Price
Woodmont Companies recently acquired a Marin County multifamily asset, in a deal that set the new record in terms of price paid per square foot in the Bay Area. The Belmont-based buyer acquired the Casa Roja Apartments in Mill Valley at a rate of around $570 per square foot from seller Red Island Real Estate LLC, a Sausalito-based entity. The transaction was arranged by a Colliers International team consisting of Vice President Ryan Wagner, Brad Lagomarsino and James Devincenti, who worked on behalf of the seller.
SPOTLIGHT ON SAN FRANCISCO: Federal Realty Grabs Major Silicon Valley Retail Property
Federal Realty Investment Trust has acquired a controlling interest in the San Antonio Shopping Center in Mountain View, Calif.
Intersect ENT Expands Footprint to 55 KSF at Menlo Park HQ
Intersect ENT has recently completed the leasing agreement for an expansion at its 1555 Adams Drive home in Menlo Park, CA. The company that deals with improving quality of life for patients with ear, nose and throat conditions inked the deal with landlord Tarlton Properties, Inc. The expansion means that Intersect ENT now leases the entire space available at 1555 Adams Drive.
Fillmore Center Awarded Repositioned Property of the Year by San Francisco Apartment Association
The Fillmore Center in San Francisco was recently honored by the San Francisco Apartment Association. Laramar Management Services LLC, a subsidiary of the Laramar Group, was awarded with the Repositioned Property of the Year and Maintenance Manager of 2014 accolades for its work at The Fillmore Center residential community. The complex is also LEED Silver certified by the United States Green Building Council, and is the largest existing property of its kind to have that level of certification.
Candlestick Park to be Turned into New Mall and Housing as Lennar Takes Over 77-Acre Site
Ever since the 49ers joined the Giants and moved to their very own new home, the destiny of both teams’ former stomping ground has been under intense scrutiny. Candlestick Park is a substantial amount of land that is set to be turned into a new district dubbed Candlestick Point. According to a recent press statement, North American Title Co.’s California region has closed the acquisition of the Candlestick Park site by Lennar Corp’s San Francisco division. Lennar is the parent company of North American Title Co.
Michael Rosenfeld Completes Nob Hill Triple as Woodbridge Capital Partners Acquires Stanford Court
The San Francisco hospitality market recorded an important hotel acquisition, as real estate investor Michael Rosenfeld acquired the third hotel on Nob Hill. The investor’s Woodbridge Capital Partners recently completed the acquisition of Stanford Court Hotel. The new owner now holds all three hospitality properties on No Hill, including the 2012-purchased Fairmont San Francisco and the Mark Hopkins hotel back in February. Both acquisitions were carried out in partnership with Oaktree Capital Management.
Meridian Gets HREI Insights Awards Nomination for Renovation Project in Walnut Creek
Full service real estate developer and medical real estate company Meridian recently announced that one of its projects was recently selected as a finalist in the 2014 HREI Insights Awards in the “Best Renovated or Repurposed Healthcare Facility” category. Healthcare Real Estate Insights is a national magazine that covers health care real estate development, financing, and investment. The nomination is part of the second annual HREI Insights Awards, currently the only event of its kind, dedicated to the healthcare real estate development. Meridian’s project is a single-level property that was redeveloped from a former post office.
Cypress Equities’ Ambitious Redevelopment Project Market Street Place Breaks Ground
One of the most interesting urban redevelopment projects in San Francisco has finally broken ground. Aiming to redevelop the area on Market Street between 5th and 6th Streets, Cypress Equities’ Market Street Place is set to become a multi-level retail center that will offer a new hub for shoppers in the area. With the project finally in the construction phase, the development is currently set for an opening in the fall of 2016.