San Francisco
Yet Another Milpitas Multifamily Project Set to Take Shape as Silicon Valley Ramps up Housing
The rise of Silicon Valley has been a long process, and now the incentive is there for housing to fulfill the expectations of hordes of young professionals looking to relocate to the area as Google, Apple and a myriad of other tech companies continue their expansion. One of the cities in the Silicon Valley area is Milpitas, home of companies such as Maxtor, Adaptec, Cisco Systems and SanDisk.
Drawbridge Realty Trust Continues Heightened Activity with Office Purchase in Santa Rosa
Drawbridge Realty Trust has made a move into the Santa Rosa submarket with a recently completed double acquisition. The real estate company has paid a purchase fee of $18 million for the two office buildings, an indication that Drawbridge has begun to put its $150 million revolving credit facility to good use. A series of new investments thought out by the REIT are bound to follow as the company will look to expand and improve its current property portfolio. Seller Basin Street Properties was represented in the transaction by Cushman & Wakefield’s San Francisco office.
Ritz-Carlton San Francisco Acquired as Building is Once Again Part of MetLife
As the city’s hospitality market soars to new heights, there might be space for passion plays as MetLife Inc. recently acquired its former headquarters, now a thriving San Francisco hotel. The insurance giant entered a joint venture with Thayer Lodging Group to purchase The Ritz-Carlton San Francisco for a grand total of $161 million. The building housed the corporation between 1909 and 1973. After a number of modifications and a four-year renovation process, the building finally received new life with the 1991 opening of the Ritz-Carlton San Francisco.
New Multifamily Development in The Mission Trades Hands Only Days After Opening
By Alex Girda, Associate Editor Avant Housing’s newly opened apartment community was sold just days after its official opening. The company’s new Vara development was purchased by global commercial real estate investor, Behringer Harvard. Avant Housing was represented during the sale by Moran Co. representatives Brett Betzler and Mary Ann King. The buyer managed to […]
Fairmont Sonoma Mission Inn & Spa Stake Acquired by Carey Watermark in $100 Million JV Deal
San Francisco has elevated its hospitality market over the past few years to a point where rates and occupancy have been rising and the city is a top market contender. Then the recent big money move by Carey Watermark Investors Incorporated to acquire a joint venture interest in the Fairmont Sonoma Mission Inn & Spa from owner Fairmont Hotels & Resorts. The former owner received a total of $97.1 million and will go on to manage the luxury resort under a long-term management agreement.
Office Building Acquisition Confirms Interest in Silicon Valley Still High
Silicon Valley has been going from strength to strength over the past year as its office market has seen sustained growth. It doesn’t hurt that Apple is planning a massive spaceship-shaped HQ in Cupertino while the Googleplex in Mountain View is already a staple of the region. Now a new deal is set to catch the attention of investors as Grosvenor Americas has sealed a deal making it the new owner of a San Jose office building. Century Plaza II was bought from German company Deka Immobilien, represented in the transaction by Savills LLC, for an undisclosed amount.
San Francisco’s Appeal Slightly Wanes as Market Seeks Stability Over Continued Growth
Data provided by real estate company Marcus & Millichap Real Estate Investment Services indicates that the while rent and sales trends are definitely up, vacancy rates are now finding a safe spot around the 10-11 percent mark. With no major leases completed and no major office projects set for immediate completion, 2013 looks to become a year of calm in what has been a very dramatic decade for real estate in the area.
Tishman Speyer, China Vanke Break Ground on Luxury Condos in San Francisco
A JV between Tishman Speyer and China Vanke has begun construction on Lumina, a community of 655 luxury condominiums with retail and parking on the San Francisco waterfront.
San Francisco Single Family Housing Inventory Constrained; Santa Clara University Pens Expansion Deal
After months of growth in terms of price and number of sales, San Francisco’s housing market reached an important milestone earlier in the year when the median value of a home in the area exceeded the $1 million mark. The improving market has clearly taken its toll on the city’s housing stock as The San Francisco Business Times recently reported that there are 30 percent fewer available homes on the market now than the same time last year.
San Francisco Bay Area Properties Put Up for Sale as California Looks to Pay Off Wall of Debt
The Department of General Services is planning the sale of a large section of surplus land in its administration, and marketing has commenced for the property. According to a press statement, the DGS will be listing the property and talking with interested buyers until the 3rd of October, this year. The 81 acres of land that are being offered up for sale by the state of California were once belonged to the former Agnews Developmental Center.