San Francisco
Hyatt Fisherman’s Wharf Acquired by Chesapeake Lodging Trust in $100M Deal
San Francisco’s improving hospitality market has seen another high-profile deal perfected as investors focus their attention on the city’s increasing appeal for both business and tourism. The Chesapeake Lodging Trust recently closed a deal for the Hyatt Fisherman’s Wharf, paying a purchase fee of around $103.5 million for the hotel, to an affiliate of Hyatt Hotels Corporation. The venue will continue to operate under the Hyatt brand, as the new owner has reportedly agreed a management contract with Evolution Hospitality, who will carry out its duties under a franchise agreement with another Hyatt affiliate.
Blackstone Buys Four-Property Hilton Portfolio
The private equity giant’s real estate affiliate has acquired a 751-room, four-property Hilton Select Service portfolio from Sage Hospitality and Apollo Global Management.
Mission Bay Strengthens Image as Life Sciences Hub with New Lease
Mission Bay’s reputation as a leading international life science hub is set to be confirmed as yet another company activating in the field announced that it is moving to the area. Represented by Alexandria Real Estate Equities the mid-cap life sciences company has completed a leasing deal at 499 Illinois Street, near the existing UCSF’s research campus and hospital complex. The agreement will keep the company in the area for at least 10 years in an area that produces world-class workforce in the life sciences industry, and provides one of the best work environments in the entire country.
Retail World Sees Ups and Downs as Target and Best Buy Have Different Agendas in the Bay Area
Two Bay Area Best Buy locations are about to close after the company announced plans to close 42 locations around the country.
Median Home Values in San Francisco Hit $1M Mark in April as Single-Family Housing Heats Up
Good news for the area’s housing market as a recent report from the San Francisco Association of REALTORS indicates that prices have escalated and are now reaching new heights. The SFAR has revealed that according to sales data from April, San Francisco’s median home prices have now surpassed the $1 million mark, a staggering increase over 2012, and a return to pre-downturn levels.
Joint Venture Holds Feng Shui Groundbreaking Ceremony for Sunset District Development
A new residential community is set to debut later this year in San Francisco after a joint venture recently held a groundbreaking for its new housing development located in the Lake Merced area. The joint venture, consisting of Maracor Development and Comstock Homes, is constructing a suburban-style residential project known as Summit 800 in a submarket that hasn’t seen new housing for quite some time. The development will cater to homebuyers interested in new projects in the San Francisco Bay Area.
Columbia Pacific, Long Market Property Buy San Francisco’s 995 Market St.
The new owners are banking on the “Twitter effect” to attract the city’s creative and high-tech set to the 105-year-old office building.
CIM Group Acquires Creative Office Building in Strong SoMa Submarket
330 Townsend is a creative office property with an occupancy rate of 98 percent, in keeping with the area’s high average rates. The building is also located in close proximity to the CalTrain San Francisco Station, as well as the currently under-construction Central Corridor transit line. Besides having zoning in place for additional development, in conformity with the West SoMa Community Plan, the newly acquired property is also within the city’s Central Corridor planning district, an area which is currently seeking new development guidelines. This could mean that current land uses and building heights may be adjusted in the near future, as well as an overall plan to turn the area into a more pedestrian-friendly one.
Kilroy Breaks Ground on 350 Mission St., San Fran Office Tower
In the latest milestone for the 145-acre redevelopment area around San Francisco’s new Transbay Transit Center, Kilroy Realty Corp. broke ground Tuesday on 350 Mission St., a new office tower that will rise at Mission and Fremont streets, directly across from the transit center.
New Wood Partners Transit-Oriented Community Breaks Ground in San Mateo
The Peninsula is set to see even more apartments hit the market in the future as developer Wood Partners recently broke ground on a new community in San Mateo. The company is reportedly investing a total of $43.7 million in its new apartment project, one that will be focused on improving the current transit-oriented residential stock for the area between San Jose and San Francisco. With the number of jobs in the tech sector being in constant growth, demand for housing in the San Francisco Bay area is also rising, and Wood Partners is looking to seize the opportunity.