Category Archives: Recent Sales
Milpitas Industrial Building Sells for $8.1M
Comp Details:
Address: 345 Los Coches St, Milpitas, CA
Seller: iStar Financial Inc.
Buyer: Topaz RE Investors, Inc.
RBA SF: 44,800
Lot size: 3.94 AC (171,626 SF)
Selling price: $8,107,139 ($180.96/SF)
Type: Industrial -Warehouse
All cash purchase. The building was vacant at time of sale.
Brisbane Warehouse Trades for $135 /sq foot to Investor
Comp Details:
Address: 480 Valley Drive, Brisbane, CA
Seller: San Bruno Associates
Buyer: William Spencer Co.
RBA SF: 22,160
Lot size: 1.27 AC (55,321 SF)
Selling price: $3,434,800 ($135.38 /PSF)
Type: Industrial -Warehouse
The property was being marketed for sale at $155/psf or for lease. The property features 22′-24′ clear height, fully sprinklered with 2 docks and 2 grade level doors, a fenced yard and heavy power.
Hayward Industrial Attracts Alpha Magnetics
Comparable details:
Address: 23453 Bernhardt St., Hayward, CA
Seller: JRM Real Estate & Investments LLC
Buyer: Alpha Magnetics, Inc.
RBA SF: 9,898
Lot size: 0.50 AC (21,780 SF)
Selling price: $1,100,000 ($112.14 /PSF)
Type: Industrial -Warehouse
16′ clear height with heavy power. This was an owner/user transaction.
JV Makes 57-Acre Land Buy for Development
By Natalie Dolce
SAN FRANCISCO, CA-Trammell Crow Co. and joint venture partner Principal Real Estate Investors have purchased a 57-acre land site fromCisco Systems Inc. located near the existing Cisco campus in North San Jose, CA. According to a prepared statement, the venture is evaluating a number of opportunities on the land, including speculative industrial development, land parcel sales and build-to-suits.
Rob Shannon, SVP with CBRE in San Jose, CA represented the joint venture in the deal. The project marketing team will also include Chip Sutherland, SVP with CBRE in San Jose, CA.
Shannon tells GlobeSt.com that this is an opportunistic land purchase at a favorable basis in a high barrier to entry market. “We see it as a once in a decade opportunity to find a sizable land parcel in a desirable infill location. The flexible zoning will allow for the owner, a joint venture between Trammell Crow and Principal Real Estate Investors, to pursue a full range of uses including office, R&D and industrial,” he says. “We are working on a phasing plan which will address user demand in each sector.”
The site is highly visible from and accessible to Highway 237. With proximity both to the San Francisco Peninsula and to the 880 Corridor leading to the Port of Oakland, it is the only available industrial site of this magnitude in Silicon Valley and will be the first modern class A industrial facilities developed in San Jose in the past 15+ years, according to a statement.
According to a previous GlobeSt.com article, there is growing demand for large manufacturing and warehousing facilities as multinational technology firms expand aggressively and attract suppliers to the region.
To read entire GlobeSt article click here.
Terreno Realty Picks Up South City Warehouse with Upside
Comparable details:
Address: 240 Littlefield Ave, South San Francisco, CA
Seller: Rosalinde Gilbert Foundation
Buyer: Terreno Realty
RBA SF: 85,000
Lot size: 3.29 AC (143,500 SF)
Selling price: $8,400,000 ($98.82 /PSF)
Type: Industrial -Warehouse
Terreno Realty is an investment REIT and purchased the building vacant. They plan on doing some major renovations to the property including removing a portion of the warehouse and creating more staging and dock doors for a variety of users.
Kidder Mathews Assists Orchard Partners in Buying Santa Clara Office
By Natalie Dolce
GlobeSt.com exclusively learns that Synaptics Inc. has sold 3120 Scott Blvd. and will lease back the building on a short term basis before expanding to its new headquarters. The buyer of the off-market acquisition was Orchard Partners, an owner and operator of office, R&Dand industrial assets, and a real estate investment fund managed and advised by affiliates of Apollo Global Real Estate Management LP.
While sources involved couldn’t confirm pricing to GlobeSt.com at this time, an unidentified industry source tells GlobeSt.com that it traded for approximately $13 million.
Orchard and Apollo plan an extensive, “market ready” improvement program that will start when the building becomes vacant in early summer. The proposed work includes a new, three story lobby, creation of modern, open floor plans on each floor, extensive re-landscaping and construction of an outdoor amenity area for employees.
The three-story, steel frame building features a continuous glass line with a striking architectural profile, according to a prepared statement. The property, which offers both underground and surface parking, is situated near the intersection of Highway 101 and San Tomas Expressway, providing “convenient access from all parts of Silicon Valley.”
According to Mike Biggar, managing partner of Orchard Partners, “The profile of this transaction fits our value-add investment strategy perfectly. We see an excellent opportunity to reposition a basically sound building to become a headquarters-quality facility in a very strong market segment.”
The Santa Clara market continues to be a top location for Silicon Valley technology companies, with recent and planned growth by companies such as NVIDIA, Palo Alto Networks and Service Now, all within close proximity to 3120 Scott. Other companies in the neighborhood include Intel, EMC, Huawei and Applied Materials.
“We are pleased to acquire another off-market asset in a market that we know extremely well,” Biggar adds. “Going forward, we will continue to target value-add office/R&D assets in the Bay Area as well as stabilized, high quality industrial properties throughout the country.”
The buyer and seller in the transaction were represented by Jim Maggi, Dave Vanoncini, andJimmy Cacho of Kidder Mathews. The leasing assignment also will be handled by the Kidder Mathews team, as well as Christian Marent and Rob Shannon of CBRE.
Read Globe St article here.
Big $400M Buy in Silicon Valley by Ivanhoe Cambridge
By David Phillips
GlobeSt.com has learned that U.S.-Canadian concern Ivanhoe Cambridge, has spent at least $400 million for the acquisition of 73 Silicon Valley office buildings.
The company worked in partnership with affiliates of TPG and DivcoWest, who jointly led the transaction which closed in late December 2012, they plan to invest in upgrades to meet the growing demand for top tier space in the tech corridor.
“This investment of more than $400 million enables us to acquire a critical mass of assets in a rental market that is seeing one of the best growth rates in the United States,” said Ivanho-Cambridge’s president, global investments, Bill Tresham in announcing the deal Wednesday. “We look forward to working with our experienced partners, TPG and DivcoWest, to increase the value of the office and R&D properties through additional investments and through strong asset management committed to meeting tenant needs.”
To read entire GlobeSt article, click here.
Mystery Buyer Purchases 100 Spear St for $100M
It appears that the sale of 100 Spear Street in San Francisco’s CBD has been completed for approximately $100M. Our Kidder Mathews office is located within building and it was reported that it was about 91% occupied at the time of sale. The seller was Clarion Partners LLC and appears to have sold the 21-story building for about $492/ a square foot.
Average rents were in the $4.50 /psf range.
The 203,071-square-foot office building was built in 1984 and renovated in 2011 to qualify for the Energy Star and LEED Gold certifications.
Solyndra Property Sale Completed for $90.2M
As was reported in the fall, Solyndra has completed the sale of it’s 412,000 square foot Class A Industrial Fremont building through a bankruptcy liquidation. Seagate Technology purchased it for $90.2 Million or about $219 /per foot. Seagate is a US based data storage company and is one of the world’s largest manufacturers of hard disk drives and plans on moving from their current location just down the street.
The sale concludes a long and detailed demise of the now bankrupt Solyndra which put approximately $300 Million into the construction of the building, using some of the approximately $535 Million in government-backed subsidies.
Swig Co Purchases Downtown San Francisco Office Building
Comparable details:
Address: 901 Battery Street, San Francisco, CA
Seller: Gordon-Chamberlain Group
Buyer: Swig Co.
RBA SF: 88,668 (plus 7,251 sf parking structure)
Lot size: 0.43 AC (18,730 SF)
Selling price: $24,000,000 ($270.67 /PSF)
Type: Office
