San Francisco
Kimpton Creates New Role
Kathleen Reidenbach advances from SVP to Chief Commercial Officer at boutique hotel group.
CBRE Global Investors Makes SF Bay Area Buy
CBRE Strategic Partners has acquired the Sofitel San Francisco Bay Hotel from Prudential Real Estate Investors and Lodging Capital.
CBRE Grabs Boutique Office Building in San Fran’s Financial District
CBRE Global Investors has bought 235 Pine St, a 150,159-square-foot Class A office facility located in the heart of San Francisco Financial District.
April – Briefs/Sales & Development
Transaction Kicks off TCC, Hanover Co. Redevelopment in Austin; Avison Young Sells 1.6 MSF Chicago Distribution Center; TDG, Angelo Gordon Complete $110M Maryland Apartment Purchase; Ashford Buys Chicago’s Sofitel Hotel for $153M; Hudson’s Bay Co. Sells Toronto Tower for $650M; Partnership Grabs San Fran’s Mark Hopkins Hotel for $120M; Inland Makes Splash with $183M Hotel Purchase in Honolulu; KBS Acquires Salt Lake Tower for $170M.
Holiday Inn Express Hotel Mountain View – S Palo Alto Opens Following $1M Renovation Project
InterContinental Hotels Group has recently added a new hotel to its portfolio in the Mountain View and Palo Alto areas. The Holiday Inn Express Mountain View S Palo Alto opened at the end of the year after a more than $1 million renovation project.
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.
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.